FSM(002818) 国泰君安·2024-10-24 16:08Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company is expected to benefit from recent real estate policies in Chengdu, with new projects anticipated to enhance revenue and profits, indicating a positive long-term outlook [2][5] - The company has maintained a target price of 14.96 CNY, unchanged from the previous forecast, while the current price is 12.96 CNY [3][5] Financial Summary - For the first three quarters, the company reported revenue of 1.079 billion CNY, a decrease of 6.81%, and a net profit attributable to shareholders of 546 million CNY, down 11.4% [5] - In Q3 alone, revenue was 346 million CNY, down 10.1%, while net profit increased by 10% to 206 million CNY [5] - The company has adjusted its EPS forecasts for 2024-2026 to 1.02, 1.11, and 1.27 CNY respectively, reflecting growth rates of -6%, 9%, and 15% [5] Operational Insights - The company’s gross margin for the first three quarters was 68.1%, down 2 percentage points, and the net profit margin was 51.9%, down 3.1 percentage points [5] - Operating cash flow for the first three quarters was 883 million CNY, an increase of 19.8% [5] - The company is focusing on the Tianfu project, which aims to create a hub for live streaming and digital economy, and is actively working on project recruitment and industry integration [5] Dividend Policy - The company has maintained a high dividend policy, with an average dividend of 808 million CNY for 2022-2023, and a dividend payout ratio exceeding 100% [5]