HOLSIN(SH:603909) KAIYUAN SECURITIES·2024-10-27 09:16Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has experienced significant growth in revenue and profit in the third quarter, driven by strong performance in its construction business. For the first three quarters of 2024, the company achieved operating revenue of 4.71 billion yuan and a net profit attributable to shareholders of 63.35 million yuan, representing year-on-year increases of 132.11% and 114.59%, respectively [2][3] - The engineering consulting business shows potential for future growth, with new contracts signed in this segment increasing by 25.37% year-on-year to 768 million yuan. However, the construction order intake has decreased significantly, with new contracts amounting to 3.998 billion yuan, down 64.47% year-on-year [3] Financial Summary - For the first three quarters of 2024, the company reported a substantial increase in revenue and profit, with third-quarter revenue reaching 1.559 billion yuan, up 60.67% year-on-year, and a net profit of 29.314 million yuan, up 225.29% year-on-year [2] - The company's financial forecasts for 2024-2026 project net profits of 90 million yuan, 110 million yuan, and 130 million yuan, respectively, with corresponding EPS of 0.33 yuan, 0.41 yuan, and 0.48 yuan. The current stock price corresponds to P/E ratios of 27.6, 22.7, and 19.1 for the years 2024, 2025, and 2026 [1][4]