XGD(SZ:300130) ZHESHANG SECURITIES·2024-10-26 12:23Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a quarter-on-quarter improvement in revenue for Q3 2024, with a total revenue of 8.68 billion yuan, a 9.21% increase from Q2 2024, although it still represents a year-on-year decline of 7.17% [1][4] - The company is focused on cost reduction and efficiency improvement, achieving a 12.67% year-on-year decrease in total sales, R&D, and management expenses in the first three quarters of 2024 [2] - The long-term outlook is positive due to expected macroeconomic recovery and consumer spending revival, which is anticipated to boost the company's transaction volume in the payment business [3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 24.45 billion yuan, a year-on-year decrease of 15.53%, and a net profit attributable to shareholders of 2.97 billion yuan, down 46.18% year-on-year [1] - The company’s net profit for Q3 2024 was -1.51 billion yuan, indicating a loss compared to the previous year, while the non-recurring net profit was 1.46 billion yuan, down 30.87% year-on-year [1][2] Profit Forecast and Valuation - The company maintains its previous profit forecasts, expecting revenues of 35.01 billion yuan, 38.16 billion yuan, and 44.38 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 5.71 billion yuan, 9.55 billion yuan, and 11.28 billion yuan for the same years [4] - The report indicates that short-term non-recurring disturbances do not affect the company's long-term competitiveness and profitability [4]