SCIYON(002380) 浙商证券·2024-10-16 05:23Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company reported a total revenue of 1.162 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 16.16%, and a net profit attributable to shareholders of 159 million yuan, which is a significant increase of 75.34% [2][3] - The company is expected to benefit from the policy push and high demand in downstream industries, maintaining a good growth trajectory in its main business [2] - The company is positioned to capitalize on the upcoming industrial software and operating system upgrades as outlined in the Ministry of Industry and Information Technology's guidelines [2] Financial Summary - For the first three quarters of 2024, the overall gross margin was 40.82%, an increase of 3.69 percentage points year-on-year [2] - The company’s revenue and profit growth rates slowed down in Q3 2024, with revenue of 357 million yuan, a year-on-year increase of 15.99%, and a net profit of 48.27 million yuan, a growth of 2.84% [2] - The company’s contract assets reached 71.28 million yuan by the end of Q3 2024, a growth of 94.55% compared to the end of 2023 [2] Earnings Forecast and Valuation - The company is projected to achieve revenues of 1.901 billion yuan, 2.430 billion yuan, and 3.109 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 35.14%, 27.78%, and 27.94% [3] - The net profit attributable to shareholders is expected to reach 239 million yuan, 313 million yuan, and 411 million yuan for the same years, with growth rates of 48.88%, 30.78%, and 31.25% respectively [3] - The earnings per share (EPS) are forecasted to be 1.00 yuan, 1.30 yuan, and 1.71 yuan for 2024, 2025, and 2026 respectively [3]