2024年三季报点评：业绩不及预期；大笔回购彰显长期发展信心

Investment Highlights - THK's Q3 2024 performance was below expectations, with a significant share buyback indicating long-term confidence in growth [1][4] - The company reported a total revenue of 265.1 billion yen for the first three quarters of 2024, a year-on-year decline of 1.1% [2] - The operating profit for the same period was 12.92 billion yen, down 32.7% year-on-year, reflecting a challenging market environment [2] Revenue and Profit Forecast - Revenue projections for 2024-2026 have been revised down to 364.3 billion yen, 393.2 billion yen, and 420.3 billion yen respectively, with net profit estimates adjusted to 19.3 billion yen, 22.3 billion yen, and 25.0 billion yen [3][4] - The company's P/E ratios for the next three years are projected at 15.6, 13.5, and 12.0 times [3] Order Trends - THK's orders for machine tools and semiconductor equipment showed significant year-on-year growth, with increases of 40.3%, 51.4%, and 14.9% respectively [1] - Orders from different regions demonstrated varied performance, with Japan and China (excluding Taiwan) showing increases of 21.1% and 65.2% respectively [1] Share Buyback Plan - The company plans to repurchase up to 20 million shares, representing approximately 16.31% of outstanding shares, with a total buyback amount not exceeding 40 billion yen [4] - This buyback is expected to enhance earnings per share by 19.5% in 2025 [4]