云路股份：Q3营收利润双增长，非晶新产线贡献增量

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in performance due to capacity expansion and new product launches [4][6]. Core Insights - The company achieved a revenue of 1.388 billion yuan in the first three quarters of 2024, representing a year-over-year increase of 6.5%. The net profit attributable to the parent company was 263 million yuan, up 10.3% year-over-year [1][2]. - The third quarter alone saw a revenue of 478 million yuan, with a year-over-year growth of 5% and a quarter-over-quarter increase of 2.1%. The net profit for Q3 was 96 million yuan, reflecting a year-over-year increase of 29.7% [1][2]. - The company’s gross margin for Q3 2024 was 31.80%, showing an increase of 1.92 percentage points year-over-year, while the net profit margin reached 20.07%, up 3.82 percentage points year-over-year [2][3]. Financial Performance - The company’s operating cash flow for the first three quarters of 2024 was 203 million yuan, a significant increase of 35.2% year-over-year, indicating improved cash flow due to increased sales collections [2]. - The projected net profits for 2024, 2025, and 2026 are estimated at 356.61 million yuan, 434.69 million yuan, and 498.50 million yuan, respectively, with corresponding price-to-earnings ratios of 27.92, 22.90, and 19.97 [4][5]. Market Expansion - The company is the largest producer of amorphous materials globally, with a current capacity of 105,000 tons following the successful launch of a new production line in Q3 2024. This positions the company well for future growth [3][4]. - The amorphous transformer market is expanding due to increased energy efficiency standards, particularly in domestic and Southeast Asian markets, which is expected to drive further demand [3][4]. Product Development - The company is focusing on enhancing the stability and reliability of its products in the nanocrystalline and magnetic powder segments, which are gaining traction in sectors such as AI computing, smart appliances, and new energy vehicles [3][4].