Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 63.72 CNY [4]. Core Insights - The company reported significant improvement in quarterly performance, with Q3 2024 revenue reaching 9.682 billion CNY, a year-on-year increase of 128%, and a net profit of 230 million CNY, up 54% year-on-year [2][3]. - The company has strengthened its hardware capabilities, with its "Mechanical Revolution" brand ranking second in the gaming laptop market in 2023, and a 86% year-on-year increase in PC shipments in Q2 2024 [2]. - The company is deepening its integration with Huawei's core technologies, developing a comprehensive software ecosystem based on OpenHarmony, and has made significant contributions to the OpenHarmony project [2]. - The investment suggestion highlights the company's unique positioning with its hardware and software integration, projecting net profits of 625 million CNY, 885 million CNY, and 1.171 billion CNY for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 97X, 69X, and 52X [2][3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 22.208 billion CNY, a 73.07% increase year-on-year, while the net profit attributable to shareholders decreased by 78.44% to 75.944 million CNY [2]. - The company’s revenue and profit have shown a clear recovery trend, with quarterly improvements in net profit from Q2 to Q3 2024 [2]. - The financial forecast indicates a steady growth trajectory, with expected revenues of 30.766 billion CNY, 36.996 billion CNY, and 44.525 billion CNY for 2024, 2025, and 2026 respectively [5].
软通动力：2024年三季报点评：单季度业绩大幅改善，软硬结合铸就华为产业链龙头