Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [6][12]. Core Views - The company achieved a turnaround in Q3, reporting a net profit of 0.131 billion yuan, despite a significant year-on-year revenue decline of 16.92% to 4.338 billion yuan for the first three quarters of 2024 [2][6]. - The company is positioned advantageously in the data factor market, with potential for revenue structure optimization and improved operational efficiency [2][5]. - The major shareholder's plan to increase holdings reflects confidence in the company's long-term development and investment value [6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 4.338 billion yuan, down 16.92%, and a net profit attributable to shareholders of -0.028 billion yuan, a decline of 121.42% [2]. - In Q3 alone, the revenue was 1.724 billion yuan, a decrease of 14.67%, but the net profit was 0.131 billion yuan, marking a 60.73% increase compared to the previous quarter [2]. Business Development - The company has a solid market position in self-developed software products, continuously promoting the application of AI and big data technologies [2][5]. - The company has successfully penetrated sales to large state-owned enterprises, enhancing its digital economy capabilities [5]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 8.104 billion yuan, 8.853 billion yuan, and 9.872 billion yuan, respectively, with corresponding net profits of 0.332 billion yuan, 0.442 billion yuan, and 0.508 billion yuan [6][8]. - The expected price-to-earnings ratios for these years are 52X, 39X, and 34X, respectively [6].

Investment Rating - Buy rating, first-time coverage [2] Core Views - Revenue under short-term pressure, but significant improvement in quarterly profit [3] - Autonomous and controllable ecosystem is well-established, expected to benefit from government debt resolution measures [4] - Positioned as the core industry platform for China Electronics Technology Group Corporation (CETC) in the network and information sector, with shareholder confidence boosted by share buybacks [5] - Accelerated development of public data, with the company holding a leading advantage [5][6] - Expected to benefit from the development of the information innovation (Xinchuang) industry and data element industry [7] Financial Performance - Revenue for the first three quarters of 2024 was RMB 4.338 billion, down 16.92% YoY, with a net loss attributable to the parent company of RMB -28 million [3] - Q3 2024 revenue was RMB 1.724 billion, down 14.67% YoY, but net profit attributable to the parent company increased by 60.73% YoY to RMB 131 million [3] - Subsidiary Renmin Jincang achieved revenue of RMB 90.5672 million in H1 2024, up 19.40% YoY [4] Business Overview - Leading enterprise in e-government, smart cities, and key industry informatization [3] - Main business includes providing information system construction, cloud computing, and big data services for government, public security, and enterprise sectors [3] - Established a comprehensive autonomous and controllable product system, including Puhua operating system, Renmin Jincang database, and other key software products [4] Shareholder and Market Confidence - CETC positions the company as its core industry platform for network and information, providing strong support in policy, funding, and resources [5] - Major shareholder CETC Tai Chi (Group) Co Ltd and its affiliates plan to increase their shareholding by RMB 100-200 million and RMB 50 million respectively, with a total shareholding increase not exceeding 2% of the company's total shares [5] Future Outlook - Expected EPS for 2024-2026 are RMB 0.67, RMB 0.86, and RMB 1.13, with corresponding P/E ratios of 41.09x, 32.07x, and 24.34x [7] - Revenue growth is expected to rebound, with projected revenue for 2024-2026 at RMB 9.594 billion, RMB 10.732 billion, and RMB 12.122 billion, respectively [9] - Net profit attributable to the parent company is expected to grow significantly, with projected figures of RMB 418.76 million, RMB 536.63 million, and RMB 707 million for 2024-2026 [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance relative to the market [5]. Core Insights - The company reported a significant increase in Q3 profits, with a single-quarter net profit of 1.31 billion yuan, representing a year-on-year growth of 60.73% [3][4]. - The overall revenue for the first three quarters of 2024 was 43.38 billion yuan, down 16.92% year-on-year, while Q3 revenue was 17.24 billion yuan, down 14.67% year-on-year [3][4]. - The improvement in profitability is attributed to a rise in gross margin to 32.50%, an increase of 2.51 percentage points year-on-year, and a reduction in credit impairment losses by 41.15 million yuan [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a net cash flow from operations of -1.597 billion yuan, indicating an improvement in cash flow management [4]. - The company’s gross margin has improved due to a strategic reduction in low-margin integrated business, leading to a decrease in the revenue share from this segment [4]. - The company’s total revenue projections for 2024 to 2026 are estimated at 105.1 billion yuan, 120.5 billion yuan, and 139.2 billion yuan respectively, with net profits expected to be 4.5 billion yuan, 6.2 billion yuan, and 8.4 billion yuan [5][6].

证券研究报告·公司点评报告·IT 服务Ⅱ 太极股份（002368） 2024 年三季报点评：Q3 业绩增速亮眼，党政 信创重启在即 2024 年 11 月 01 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|---------|---------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 10601 | 9195 | 8964 | 9164 | 9995 | | 同比（ % ） | 0.91 | (13.27) | (2.50) | 2.22 | 9.07 | | 归母净利润（百万元） | 376.29 | 375.24 | 322.55 | 348.45 | 377.63 | | 同比（ % ） | 0.86 | (0.28) | (14.04) | 8.03 | 8.37 | | EPS- 最新摊薄（元 / 股） | 0.60 ...

Investment Rating - The report maintains a "Buy" rating with a target price of 39.71 CNY [3][4]. Core Insights - The company's revenue decline has narrowed, achieving profitability in a single quarter, with a quarterly gross margin reaching a historical high. The productization strategy is progressing smoothly, positioning the company well in the core areas of trusted innovation and data elements, with potential for growth exceeding expectations [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 4.338 billion CNY, a year-on-year decline of 16.92%. The net profit attributable to shareholders was -28 million CNY, down 121.42% year-on-year. In Q3 alone, revenue was 1.724 billion CNY, a decline of 14.67% year-on-year, but the net profit was 131 million CNY, an increase of 60.73% year-on-year, marking a turnaround from previous losses [3][4]. Product Strategy - The company is successfully advancing its productization strategy, focusing on core software products like databases and office automation, as well as cloud and data services. The gross margin for Q3 reached 32.50%, up 3.29 percentage points quarter-on-quarter and 2.51 percentage points year-on-year, achieving a historical high [3][4]. Market Positioning - The company is strategically positioned in the trusted innovation and data element sectors. Its subsidiary has achieved significant sales in the domestic database market and recently won a major procurement project with a 60% market share. The "Taiji Trusted Data Space Platform" has passed key capability tests, indicating strong potential for commercial application and performance growth [3][4].

证券代码：002368 证券简称：太极股份 公告编号：2024-032 太极计算机股份有限公司 第六届监事会第十四次会议决议公告 特此公告。 会议应到监事5位，实到监事5位。会议由监事会召集人胡雷先生主持，会议 的召集、召开符合《公司法》和《公司章程》及《监事会议事规则》的有关规定。 二、监事会会议审议情况 （一）审议通过了《关于公司2024年第三季度报告的议案》 经核查，监事会认为：董事会编制和审核2024年第三季度报告的程序符合法 律、行政法规和中国证监会的规定，内容真实、准确、完整地反映了报告期内公 司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 表决结果：5票同意、0票反对、0票弃权。 本公司及监事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导性 陈述或者重大遗漏。 一、监事会会议召开情况 太极计算机股份有限公司（以下简称"公司"）第六届监事会第十四次会议通 知于2024年10月18日以当面、电话或电子邮件的方式发出，并于2024年10月30日 下午14:00在北京市朝阳区容达路7号院中国电科太极信息产业园C座会议中心以 现场结合通讯方式召开。 太极计算机股份有限公司 监事 ...

证券代码：002368 证券简称：太极股份 公告编号：2024-031 二、董事会会议审议情况 （一）审议通过了《关于公司2024年第三季度报告的议案》 具体内容详见巨潮资讯网（http://www.cninfo.com.cn）。 表决结果：9 票同意、0 票反对、0 票弃权。 特此公告。 第六届董事会第十七次会议决议公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 一、董事会会议召开情况 太极计算机股份有限公司（以下简称"公司"）第六届董事会第十七次会议通 知于 2024 年 10 月 18 日以直接送达、电话或电子邮件的方式发出，会议于 2024 年 10 月 30 日下午 14:00 在北京市朝阳区容达路 7 号院中国电科太极信息产业园 C 座会议中心以现场结合通讯方式召开。 本次会议应到董事 9 位，实到董事 9 位，公司部分监事、高级管理人员列席 了会议，会议由董事长吕翊先生主持。本次会议的召开符合《公司法》和《公司 章程》的有关规定。 太极计算机股份有限公司 太极计算机股份有限公司 董事会 2024 年 10 月 30 日 1 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥1,723,987,406.43, a decrease of 14.67% year-over-year[2] - The net profit attributable to shareholders was ¥130,573,362.44, an increase of 60.73% compared to the same period last year[2] - The net profit after deducting non-recurring gains and losses was ¥128,928,356.39, up 71.90% year-over-year[2] - The basic earnings per share for the quarter was ¥0.2095, reflecting a 60.78% increase from the previous year[2] - The net profit for Q3 2024 was -26,115,022.48 CNY, a significant decrease from the net profit of 132,153,399.27 CNY in the same period last year[12] - The operating profit for Q3 2024 was -32,314,385.58 CNY, compared to an operating profit of 150,083,148.75 CNY in Q3 2023[12] - The total revenue from operating activities was 4,830,863,110.88 CNY, down from 5,399,329,240.81 CNY year-over-year[13] - The company reported a basic and diluted earnings per share of -0.0454, compared to 0.2160 in the same quarter last year[13] Assets and Liabilities - Total assets at the end of the reporting period were ¥15,615,236,487.71, down 3.61% from the end of the previous year[2] - The company's total assets amounted to ¥15,615,236,487.71, a decrease from ¥16,200,434,385.92 year-over-year[10] - Current liabilities totaled ¥9,977,259,268.92, down from ¥10,431,519,517.85 in the previous year, indicating a reduction of 4.3%[10] - Non-current liabilities were reported at ¥289,713,952.87, slightly up from ¥280,225,194.32 year-over-year[10] - The company recorded a decrease in total equity attributable to shareholders by 2.98% to ¥5,021,051,957.41[2] Cash Flow - The company's cash flow from operating activities showed a net outflow of ¥1,597,367,758.50, a 15.33% improvement compared to the same period last year[2] - The cash flow from operating activities showed a net outflow of -1,597,367,758.50 CNY, an improvement from -1,886,491,905.22 CNY in the previous year[14] - The cash flow from investing activities resulted in a net outflow of -108,045,672.56 CNY, compared to -136,673,614.79 CNY in Q3 2023[14] - The cash flow from financing activities generated a net inflow of 1,112,953,933.89 CNY, an increase from 499,312,018.52 CNY in the previous year[14] Shareholder Information - Total number of common shareholders at the end of the reporting period is 65,334[6] - The largest shareholder, China Electronics Taiji Group Co., Ltd., holds 28.61% of shares, totaling 178,320,355 shares[6] - The second largest shareholder, North China Computer Technology Research Institute, holds 7.24% of shares, totaling 45,138,290 shares[6] - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending[7] - The company has no preferred shareholders or related matters to report[8] Operational Metrics - Total operating revenue for Q3 2024 was ¥4,337,615,808.01, a decrease of 17.0% compared to ¥5,221,110,701.06 in Q3 2023[11] - Total operating costs for Q3 2024 were ¥4,396,908,903.75, down from ¥5,012,545,187.98 in the same period last year, reflecting a reduction of 12.3%[11] - Cash and cash equivalents at the end of the period amount to ¥1,070,891,104.35, down from ¥1,683,890,976.12 at the beginning of the period[8] - Accounts receivable increased to ¥4,756,257,318.87 from ¥4,653,853,922.42[8] - Inventory decreased to ¥2,991,162,358.83 from ¥3,220,785,989.86[8] - Contract assets rose to ¥1,912,569,623.09 from ¥1,781,413,951.94[8] Financial Expenses - The company reported a significant increase in short-term borrowings, which rose by 140.25% to ¥2,140,000,000.00[4] - The financial expenses increased by 44.22% to ¥35,676,216.00, primarily due to increased loans[4] - The company incurred financial expenses of 35,676,216.00 CNY, an increase from 24,736,687.43 CNY in the same quarter last year[12] Research and Development - The research and development expenses for Q3 2024 were 104,246,672.08 CNY, down from 138,750,215.62 CNY in Q3 2023[12] Future Outlook - The company plans to focus on new product development and market expansion strategies to improve future performance[11] - The company has not disclosed any new strategies or market expansions in the current report[8]

Investment Rating - The report maintains a rating of "Add" for the company [5]. Core Views - The company possesses a core advantage characterized by "close to data, wide application, and strong management" [2]. - The central government has issued a systematic deployment for the development and utilization of public data resources, aiming for significant improvements by 2025 and a mature system by 2030 [1]. Revenue and Profit Forecast - The revenue forecast for 2024 and 2025 has been adjusted down to 9.896 billion and 11.177 billion respectively, representing a decrease of 24% and 27% from previous estimates. The forecast for 2026 is set at 12.649 billion [3]. - The net profit forecast for 2024 and 2025 has been revised down to 432 million and 528 million respectively, a reduction of 30% and 37% from earlier predictions. The forecast for 2026 is 686 million [3]. Financial Metrics - The current market capitalization corresponds to a PE ratio of 37x for 2024, 30x for 2025, and 23x for 2026 [3]. - The company’s revenue growth rate is projected to be 7.63% in 2024, 12.94% in 2025, and 13.17% in 2026 [4]. - The net profit growth rate is expected to be 15.04% in 2024, 22.38% in 2025, and 29.84% in 2026 [4]. Key Financial Data - The company’s revenue for 2022 was 10.601 billion, with a forecast of 9.195 billion for 2023, and projected revenues of 9.896 billion in 2024, 11.177 billion in 2025, and 12.649 billion in 2026 [4][7]. - The net profit for 2022 was 378 million, with forecasts of 375 million for 2023, and projected profits of 432 million in 2024, 528 million in 2025, and 686 million in 2026 [4][7]. Market Position - The company has implemented over 100,000 service projects, enhancing data integration across various industries [2]. - The company has achieved a DCMM4 level certification, indicating the highest level of data management service capability recognized by the state [2].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Views - The company is positioned as a leader in the information technology sector and a key player in the network information business under China Electronics Technology Group Corporation (CETC) [2][21]. - Government debt relief measures are expected to drive rapid development in the trusted computing and data element sectors, enhancing the company's growth prospects [3][21]. - The company is strategically positioned in core areas of trusted computing and data elements, with potential for exceeding expectations in growth [3][21]. Financial Summary - The company’s projected earnings per share (EPS) for 2024-2026 are estimated at 0.61, 0.96, and 1.40 yuan, with growth rates of 1.3%, 57.8%, and 45.6% respectively [3][14]. - Revenue forecasts for 2024-2026 are 8.71 billion, 11.00 billion, and 13.77 billion yuan, with corresponding net profits of 380 million, 600 million, and 873 million yuan [4][14]. - The company’s revenue in 2023 was 9.19 billion yuan, reflecting a decline of 13.3% from 2022 [4]. Business Segments - **Cloud and Data Services**: Revenue for this segment in 2023 was 1.04 billion yuan, with a growth rate of 37.12%. Expected growth rates for 2024-2026 are 10%, 15%, and 15% [12][15]. - **Self-developed Software Products**: This segment achieved revenue of 2.06 billion yuan in 2023, growing by 13.06%. Forecasted growth rates for 2024-2026 are 12%, 18%, and 18% [12][15]. - **Industry Solutions**: Revenue in 2023 was 4.09 billion yuan, down 36.02%. Expected growth rates for 2024-2026 are -10%, 40%, and 35% [13][15]. - **Digital Infrastructure**: This segment generated 1.85 billion yuan in 2023, with a growth of 25.70%. Forecasted growth rates for 2024-2026 are -15%, 15%, and 15% [13][15]. Valuation - The report employs both PE and PS valuation methods, concluding a target price of 39.71 yuan based on a PE ratio of 41.25 for 2025 [17][19][20].