Zhejiang Dahua Technology (002236) 财通证券·2024-10-27 01:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The debt reduction policy is expected to positively impact the collection of receivables and the advancement of new projects [3] - The company reported a revenue of 22.45 billion yuan for the first three quarters of 2024, a year-on-year increase of 0.77%, and a net profit attributable to shareholders of 2.545 billion yuan, a year-on-year decrease of 1.74% [3] - The company is focusing on enhancing system capabilities with minimal investment, particularly around digital transformation [3] Financial Performance Summary - Revenue (in million yuan): - 2022A: 30,565 - 2023A: 32,218 - 2024E: 32,991 - 2025E: 36,739 - 2026E: 41,657 [5] - Net Profit (in million yuan): - 2022A: 2,324 - 2023A: 7,362 - 2024E: 3,439 - 2025E: 3,901 - 2026E: 4,675 [5] - EPS (in yuan): - 2022A: 0.79 - 2023A: 2.31 - 2024E: 1.04 - 2025E: 1.18 - 2026E: 1.42 [5] - PE Ratios: - 2024E: 15.75 - 2025E: 13.88 - 2026E: 11.58 [3][5] Market Outlook - The company expects revenue improvement in the fourth quarter due to market recovery and strategic positioning in emergency and public welfare projects [3] - The government debt reduction initiative is anticipated to enhance local government investment capabilities in the digital economy, which may boost demand for the company's services [3]