聚和材料：重研发持续创新，非银浆业务稳固发展

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Views - The company reported a revenue of 9.826 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 32.8%. However, the net profit attributable to shareholders was 421 million yuan, a decrease of 4.47% year-on-year. The non-recurring net profit for Q3 2024 was 433 million yuan, showing a year-on-year growth of 7.02% [4][5]. - In Q3 2024, the company achieved a revenue of 3.061 billion yuan, which is a decline of 4.87% year-on-year and a significant decrease of 19.69% quarter-on-quarter. The net profit for the same period was 122 million yuan, down 28.87% year-on-year and 45.3% quarter-on-quarter [4][5]. - The company is focusing on high-quality customers in the photovoltaic battery industry and has increased the proportion of N-type paste. The financial data indicates a recovery of asset impairment of 38.28 million yuan and a credit impairment recovery of 42.57 million yuan, reflecting effective control over accounts receivable [5][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total assets of 8.616 billion yuan and equity of 4.65 billion yuan, with a debt-to-asset ratio of 46.03% [5]. - The company invested 630 million yuan in R&D during the first three quarters of 2024, accounting for 6.42% of its revenue. The R&D personnel comprised 32.92% of the total workforce [5][6]. Future Outlook - The company is committed to R&D in silver paste and is expanding its non-photovoltaic business. It has developed new products such as ECA conductive glue and polyurethane thermal conductive glue for energy storage applications [6]. - The company has announced share repurchase plans, with a total amount not less than 300 million yuan and not exceeding 600 million yuan, and has already utilized approximately 370 million yuan of its own funds [6].