联赢激光：Q3利润降幅收窄，非锂电业务助力盈利结构改善

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance relative to the market [6][10]. Core Insights - The company reported a revenue of 2.2 billion yuan for the first three quarters of 2024, reflecting a year-over-year decline of 13.88%. The net profit attributable to shareholders was 95 million yuan, down 62.46% year-over-year [6][9]. - The company is focusing on expanding its lithium battery business, with increasing overseas orders and new technology demands, particularly in solid-state batteries [8][10]. - Despite revenue pressures, the gross margin has improved sequentially, and the decline in profit has narrowed, indicating potential recovery in profitability [9][10]. Summary by Sections Market Data - Closing price: 20.36 yuan - One-year high/low: 24.00/11.07 yuan - Price-to-book ratio: 2.3 - Dividend yield: 0.74% - Circulating A-share market value: 6,948 million yuan [2]. Financial Data - Net asset per share: 9.01 yuan - Debt-to-asset ratio: 54.72% - Total shares: 341 million [3]. Performance Overview - Total revenue for 2024E is projected at 3,562 million yuan, with a growth rate of 1.4%. The net profit is expected to be 256 million yuan, reflecting a decline of 10.4% [7]. - The company anticipates a recovery in profitability with a projected net profit of 590 million yuan by 2026E, showing a growth rate of 49.2% [7][10]. Business Segments - The non-lithium battery business is gaining traction, with a higher order margin compared to lithium battery orders, contributing to an improved profit structure [9][10]. - The company has secured new orders worth 2.2 billion yuan in the first three quarters of 2024, with non-lithium orders accounting for 39% of the total [9].