Investment Rating - The report maintains a "Buy" rating for the company with an updated target price of 23.53 CNY, up from the previous target of 20.66 CNY [1][2]. Core Insights - The company's revenue for the first three quarters of 2024 was 294 million CNY, representing a year-on-year growth of 5.86%. However, Q3 revenue was 102 million CNY, down 18.60% year-on-year, which was below expectations. This decline is attributed to the timing of large order confirmations affecting current revenue growth [1]. - The overall gross margin for the reporting period was 35.96%, a decrease of 7.01 percentage points compared to the same period last year, due to increased competition and project implementation challenges [1]. - The company is actively expanding into new customer segments and fields, particularly in financial services, where it aims to replace Oracle EBS, potentially becoming a benchmark project for domestic alternatives in the financial sector [1]. Financial Summary - For 2024, the company is projected to achieve an EPS of 0.77 CNY, with expected revenues of 911 million CNY, reflecting a growth of 21.6% compared to 2023. The net profit is forecasted to be 155 million CNY, a significant recovery from a net profit of 62 million CNY in 2023, which was a decline of 59.9% [2][8]. - The company’s total assets are expected to grow from 1,500 million CNY in 2023 to 1,752 million CNY in 2024, with a net asset return rate projected at 11.3% [8][4]. - The cash flow from operating activities for 2024 is anticipated to be 158 million CNY, indicating a recovery from a negative cash flow of 59 million CNY in 2023 [8]. Market Data - The company's market capitalization is approximately 4,036 million CNY, with a current share price of 19.93 CNY, which is within a 52-week range of 11.58 to 27.85 CNY [3][4]. - The company has a price-to-earnings ratio of 25.70 for 2024, which is lower than the average PE of comparable companies at 24.51 for 2025 [9]. Strategic Developments - The company is focusing on treasury management as a breakthrough point to deepen its engagement with strategic clients, aiming to expand into budget management and financial sharing sectors [1]. - The ongoing development in the domestic innovation context is expected to provide significant growth opportunities for the company [1].
普联软件2024年三季报点评：持续拓展新客户和新领域