国投智能2024三季报点评：四大业务板块保持增长，降本增效带动利润持续改善

Investment Rating - The investment rating for Guotou Intelligent is maintained as "Buy" [7] Core Views - The company reported a revenue of 897 million yuan for the first three quarters of 2024, representing a year-on-year growth of 19.57%. The net profit attributable to shareholders was a loss of 242 million yuan, which is a 39.1% reduction in losses compared to the previous year [2] - The company has accelerated project delivery, leading to a positive revenue trend across its four business segments: public safety big data, electronic data forensics, new network space security, and digital government and enterprise digitalization [2] - Continuous cost reduction and efficiency improvement initiatives have resulted in a further expansion of the decline in expenses, with a year-on-year decrease of 11.53% in R&D, sales, and management expenses for Q3 2024 [3] - Due to slow recovery in downstream demand and short-term pressure on gross margins, the profit forecast has been adjusted downwards. Expected revenues for 2024-2026 are projected at 2.331 billion, 2.899 billion, and 3.601 billion yuan, with net profits of 126 million, 189 million, and 441 million yuan respectively [4] Summary by Sections Revenue and Profitability - For Q3 2024, the company achieved a revenue of 349 million yuan, marking an 18.08% year-on-year increase, while the net profit attributable to shareholders was a loss of 114 million yuan, a 3.95% reduction in losses compared to the previous year [2] Cost Management - The company has implemented stringent operational controls and cost-saving initiatives, leading to a significant reduction in expenses, with a notable decrease in the combined R&D, sales, and management expenses in Q3 2024 [3] Financial Forecast - The revised financial projections indicate a gradual increase in revenue and a return to profitability by 2026, with a net profit forecasted to reach 441 million yuan [4]