云路股份：2024Q3点评：业绩保持平稳，结构继续优化

Investment Rating - The investment rating for Yunlu Co., Ltd. (688190) is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [11]. Core Insights - The company achieved a revenue of 1.39 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 6.5%. The net profit attributable to shareholders was 260 million yuan, up 10.3% year-on-year, with an EPS of 2.2 yuan [4][6]. - In Q3 2024, the company reported a revenue of 480 million yuan, a 5.0% increase year-on-year and a 2.1% increase quarter-on-quarter. The net profit attributable to shareholders for the same period was 96 million yuan, reflecting a significant year-on-year growth of 29.7% [4][9]. - The company continues to invest in research and development, with R&D expenses increasing by 50% year-on-year, indicating a commitment to innovation and product development [4][9]. Summary by Sections Performance Overview - In the first three quarters of 2024, the company maintained stable performance with a revenue of 1.39 billion yuan and a net profit of 260 million yuan. The revenue for Q3 2024 was 480 million yuan, with a net profit of 96 million yuan [4][6][9]. - The gross margin improved sequentially from 30.25% to 31.8% over the quarters, attributed to increased sales volume and optimized revenue structure [4][9]. Financial Data - The company reported a total revenue of 1.772 billion yuan for 2023, with a projected revenue of 1.863 billion yuan for 2024, reflecting a growth rate of 5.14% [6][10]. - The net profit for 2023 was 332 million yuan, with an expected increase to 370 million yuan in 2024, indicating a growth rate of 11.43% [6][10]. Capacity Expansion - The company has successfully launched a new production line for 15,000 tons of amorphous alloy, bringing total capacity to 105,000 tons, positioning it as a leading producer in the domestic market [4][9]. - Future growth is anticipated as the company continues to meet increasing demand from sectors such as renewable energy and electrification [4][9].