朗新集团：季度业绩回到正增长，业务企稳

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1][3] Core Views - The company reported a revenue of approximately 2.699 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 3.80%. However, the net profit attributable to shareholders decreased by 21.83% to about 160 million yuan [3] - The third quarter of 2024 saw a revenue of 1.151 billion yuan, a year-on-year growth of 5.36%, with a net profit of 123 million yuan, marking a year-on-year increase of 3.76%. This indicates a return to positive growth for the quarter [3] - The company's gross margin and net margin for the third quarter were 45.10% and 9.34%, respectively, both showing improvements from the previous quarter [3] - The energy digitalization business maintained a good growth trend with a revenue increase of approximately 10% year-on-year, while the energy internet business grew by about 30% year-on-year [3] - The internet television terminal business is being divested, with a reported revenue decline of about 34% year-on-year [3] - The company is positioned as a leader in power digitalization reform, with emerging businesses expected to unlock significant growth potential. Revenue projections for 2024-2026 are 5.265 billion, 6.298 billion, and 7.529 billion yuan, respectively, with corresponding net profits of 540 million, 646 million, and 781 million yuan [3] Financial Summary - For 2024, the company is expected to achieve a revenue of 5.265 billion yuan, with a growth rate of 11.38% [4] - The net profit for 2024 is projected to be 540 million yuan, reflecting a decrease of 10.56% compared to the previous year [4] - The earnings per share (EPS) for 2024 is estimated at 0.50 yuan, with a price-to-earnings (PE) ratio of 22.89 [4] - The return on equity (ROE) for 2024 is expected to be 6.81% [4] - The company’s total assets are projected to reach approximately 10.585 billion yuan by 2024 [4]