Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant cost control effects, leading to continuous improvement in cash flow performance [1] - The report highlights a decline in revenue for Q3 2024, but a substantial increase in net profit year-on-year [1] - The company is expected to achieve revenue growth of 20% in 2024, with net profit projected to increase significantly [1] Financial Performance Summary - Revenue for 2022 was 695 million, with a forecast of 902 million for 2024, reflecting a growth rate of 20% [1] - Net profit for 2022 was 155 million, with a forecast of 170 million for 2024, indicating a year-on-year growth of 174% [1] - The gross margin for the first three quarters of 2024 was 35.96%, down 7.01 percentage points from the previous year [1] - Operating costs increased by 18.88% year-on-year, which was higher than revenue growth, contributing to the decline in gross margin [1] - Cash flow from operating activities improved significantly, with cash received from sales increasing by 36.24% year-on-year [1] Earnings Forecast and Valuation - The company is expected to generate revenues of 9.02 billion, 10.96 billion, and 13.07 billion for the years 2024, 2025, and 2026 respectively [1] - Corresponding net profits are projected to be 1.70 billion, 2.02 billion, and 2.46 billion for the same years [1] - The price-to-earnings (P/E) ratios are forecasted to be 23.7, 19.9, and 16.4 for 2024, 2025, and 2026 respectively [1]
普联软件：控费效果明显，现金流表现持续改善