柯力传感：公司季报点评：24Q3业绩改善，内生外延打开成长空间

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Insights - The company reported a revenue of 919 million yuan for the first three quarters of 2024, representing a year-on-year increase of 14.03%. However, the net profit attributable to shareholders decreased by 10.74% to 191 million yuan [6] - The company has shown stable revenue growth primarily due to the consolidation of newly acquired subsidiaries, although profitability has faced slight pressure [6][7] - The company is focusing on sensor and industrial IoT sectors through investments and acquisitions, establishing a diversified business layout across multiple sensor categories [8] - The projected net profits for 2024, 2025, and 2026 are estimated at 305 million yuan, 364 million yuan, and 454 million yuan respectively, with corresponding EPS of 1.08, 1.29, and 1.62 yuan [8][9] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 363 million yuan, a year-on-year increase of 21.87%, with a net profit of 74 million yuan, up by 0.38% [6] - The gross margin for the first three quarters of 2024 was 43.32%, slightly down by 0.35 percentage points year-on-year, while the net margin was 23.68%, down by 4.87 percentage points [6] - Operating cash flow for the first three quarters was 148 million yuan, reflecting a year-on-year increase of 28.28% [7] Business Segmentation and Forecast - The company’s revenue from mechanical sensors and instruments is projected to grow significantly, with expected revenues of 796.2 million yuan in 2024, 915.6 million yuan in 2025, and 1,053 million yuan in 2026 [10] - The industrial IoT and system integration segment is also expected to see growth, with revenues forecasted at 361.6 million yuan in 2024 and 470.1 million yuan in 2025 [10] - The overall revenue forecast for the company is 1,268.8 million yuan in 2024, 1,520.3 million yuan in 2025, and 1,832.5 million yuan in 2026, indicating a robust growth trajectory [10][12]