Sino Wealth(300327) KAIYUAN SECURITIES·2024-10-26 14:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company emphasizes research and development (R&D) to enhance its core competitiveness, with R&D expenses amounting to 227 million yuan in the first three quarters of 2024, representing a slight year-on-year increase and accounting for 23.19% of revenue [2][3] - The company has achieved stable revenue growth, with total revenue of 978 million yuan in Q1-Q3 2024, a year-on-year increase of 5.95%, and a net profit attributable to shareholders of 90 million yuan, a year-on-year decrease of 9.64% [3][4] - The company is expected to benefit from a recovery in downstream market demand and improvements in profitability, with a long-term outlook for increased market share [4] Financial Summary - Revenue for 2024 is projected at 1.383 billion yuan, with a year-on-year growth of 6.4%, followed by 1.729 billion yuan in 2025 and 2.091 billion yuan in 2026, reflecting a growth trajectory [5] - The net profit attributable to shareholders is forecasted to be 107 million yuan in 2024, down 42.6% year-on-year, but expected to rebound to 203 million yuan in 2025 and 276 million yuan in 2026 [5] - The gross margin is projected to decline to 33.6% in 2024, with a gradual recovery anticipated in subsequent years [5][8]