CATEC(600879) 民生证券·2024-11-01 11:31Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 8.83 yuan [5]. Core Views - The company reported a revenue of 9.23 billion yuan for the first three quarters of 2024, a year-on-year decrease of 28.7%, while the net profit attributable to shareholders was 560 million yuan, an increase of 9.4% year-on-year [2]. - The significant increase in net profit for Q3 2024 was primarily due to investment income from the transfer of equity in the aerospace electrical company, with Q3 net profit reaching 310 million yuan, a year-on-year increase of 150.9% [2]. - The company has improved its profitability significantly after divesting its cable assets, with a gross margin of 39.8% in Q3 2024, up 14.13 percentage points year-on-year [2]. - The company is focusing on its core business in aerospace electronics and unmanned systems, capitalizing on opportunities in satellite internet and low-altitude economy development [3]. Financial Summary - For the first three quarters of 2024, the company reported a gross margin of 22.8%, an increase of 3.11 percentage points year-on-year, and a net margin of 6.4%, an increase of 2.37 percentage points year-on-year [2]. - The company’s R&D expenses for the first three quarters of 2024 were 550 million yuan, a decrease of 3.9% year-on-year, while the R&D expense ratio increased to 6.0% [2]. - The forecast for net profit attributable to shareholders for 2024 to 2026 is adjusted to 799 million, 726 million, and 896 million yuan, respectively, with corresponding PE ratios of 36x, 40x, and 33x [3][4].