上海建科：业绩如期稳健提升，房屋检测助成长

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Insights - The company achieved a revenue of 2.588 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 2.66%. The net profit attributable to shareholders was 143 million yuan, up 9.27% year-on-year. The net profit after deducting non-recurring gains and losses was 107 million yuan, showing a significant increase of 31.72% year-on-year [1]. - The gross margin improved to 29.51%, an increase of 0.5 percentage points year-on-year, while the net profit margin rose to 5.63%, up 0.06 percentage points. The operating expense ratio decreased to 21.96%, down 0.81 percentage points [1]. - The company has initiated a share buyback program, demonstrating confidence in its future prospects. As of September 30, 2024, the company repurchased 5,802,710 shares, accounting for 1.42% of its total share capital, with a total expenditure of approximately 94.97 million yuan [1]. - The potential market for old house safety inspections is significant, estimated to be between 90.244 billion yuan and 154.704 billion yuan over the next 20 years, based on an average charge of 7-12 yuan per square meter [1]. Financial Forecast - The company is projected to achieve net profits of 347 million yuan, 387 million yuan, and 434 million yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.03%, 11.33%, and 12.25% [2][3]. - The expected revenue for 2024 is 4.482 billion yuan, with a growth rate of 11.78%, and the gross margin is forecasted to be 32.44% [3].