圣邦股份：稳健增长

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][3]. Core Views - The company achieved a revenue of 2.445 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 29.96%. The net profit attributable to shareholders reached 285 million yuan, a significant increase of 100.57% year-on-year [3]. - In Q3, the revenue grew by 18.52% year-on-year, and the net profit doubled, indicating a recovery in the downstream market and increased product sales. The gross margin was 52.17%, up by 1.63% year-on-year [3]. - The company has invested 649 million yuan in R&D in the first three quarters, accounting for 26.54% of its revenue, focusing on trends in new energy vehicles, photovoltaic energy storage, artificial intelligence, and smart manufacturing [3]. Financial Summary - The company is projected to achieve net profits of 390 million yuan, 670 million yuan, and 970 million yuan for the years 2024, 2025, and 2026, respectively [3][4]. - Revenue is expected to grow from 2.616 billion yuan in 2023 to 3.261 billion yuan in 2024, reflecting a growth rate of 24.67% [4][7]. - The company's gross margin is projected to remain stable around 52% in the coming years, with net profit margins improving to 19.9% by 2026 [4][7].