Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Insights - The company reported impressive Q3 performance with revenue of 9.68 billion yuan, a year-on-year increase of 127.75%, and a net profit of 230 million yuan, up 53.82% year-on-year [1][2] - The decline in net profit for the first three quarters is attributed to increased costs from mergers and acquisitions, including Softcom Computing and Zhihong International, as well as rising interest expenses and the expiration of VAT rebate policies [1][2] - The launch of the "pure-blood" HarmonyOS marks a significant upgrade, with over 1 billion devices and more than 15,000 native applications now available [2] - The company is positioned as a rare vendor of integrated hardware and software products in the Harmony ecosystem, expected to benefit from the acceleration of Harmony's industrialization [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 22.21 billion yuan, a year-on-year increase of 73.07%, while the net profit attributable to shareholders decreased by 78.44% to 76 million yuan [1] - The company forecasts revenue growth to 34.24 billion yuan in 2024, with a projected net profit of 714 million yuan, reflecting a growth rate of 33.72% [1][2] - The earnings per share (EPS) is expected to be 0.75 yuan in 2024, with a price-to-earnings (P/E) ratio of 85.05 based on the current price [1][2] Market Position and Strategy - The company has seen a significant increase in PC shipments, with a year-on-year growth rate of 86%, ranking first in the domestic market [2] - The company has launched several new products, including the Tianhe multimodal database and the Tianhong operating system, which are compatible with HarmonyOS NEXT [2] - The report emphasizes the company's strong capabilities in both hardware and software integration, positioning it well for future growth in the Harmony ecosystem [2]
软通动力：2024年三季报点评：Q3业绩亮眼，鸿蒙产业加速