Pylon Technologies(688063) 长江证券·2024-11-18 02:37Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 1.412 billion yuan for the first three quarters of 2024, a year-on-year decrease of 53.69%. The net profit attributable to the parent company was 37 million yuan, down 94.29% year-on-year [6]. - In Q3 2024, the company achieved a revenue of 553 million yuan, representing a year-on-year increase of 12.31% and a quarter-on-quarter increase of 16.71%. The net profit attributable to the parent company was 18 million yuan, up 145.66% year-on-year and 10.19% quarter-on-quarter [6]. - The company is expected to see a gradual recovery in shipments, with Q3 showing improvements in both year-on-year and quarter-on-quarter metrics. The average selling price is anticipated to slightly decline as inventory depletion nears its end [6][6]. - The gross profit margin for Q3 was 33.0%, which decreased quarter-on-quarter due to a larger decline in selling prices compared to cost reductions [6]. Financial Summary - For Q3 2024, the expense ratio was 25.3%, a decrease of 6.49 percentage points quarter-on-quarter and 5.89 percentage points year-on-year, indicating improved shipment performance [6]. - The company recorded an asset impairment loss of 21 million yuan and a credit impairment loss of 5 million yuan, primarily due to inventory price declines [6]. - The effective tax rate for Q3 was 58.05%, resulting in a net profit margin of 0.03%, which remained stable with a slight decrease [6]. - The company anticipates a recovery in European household storage demand by 2025, supported by high electricity prices and favorable policies in various countries [6]. - The company has begun to expand into new markets such as Japan, the United States, and emerging markets in Asia, Africa, and Latin America, which lays a foundation for future sales growth [6]. Financial Projections - The company forecasts net profits of 110 million yuan and 300 million yuan for 2024 and 2025, respectively [6].