DPtech(300768) 东方财富·2024-10-28 05:23Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company reported a revenue of 819 million yuan for the first three quarters of 2024, representing a year-on-year growth of 13.78%. The net profit attributable to shareholders reached 92 million yuan, up 37.73% year-on-year, while the net profit excluding non-recurring items was 81 million yuan, reflecting a growth of 33.30% [1] - In the third quarter alone, the company achieved a revenue of 317 million yuan, marking a 14.01% increase year-on-year, and a net profit of 40 million yuan, which is a 45.76% year-on-year growth. This quarter's revenue is the highest in nearly three years, confirming the company's strong recovery [1] - The company continues to invest actively in sales and R&D, with sales expenses increasing by 5.36% to 309 million yuan, management expenses rising by 18.46% to 33 million yuan, and R&D expenses growing by 5.50% to 202 million yuan in the first three quarters of 2024 [1] - The industry recovery trend is further confirmed, with improvements in government demand and increased safety construction needs in sectors like telecommunications and energy. The company has effectively captured opportunities in the financial sector, leveraging its product stability and operational experience to serve leading clients [1] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported operating revenue of 819 million yuan, a 13.78% increase year-on-year, and a net profit of 92 million yuan, up 37.73% year-on-year. The net cash flow from operating activities was 122 million yuan, a significant increase of 300.85% [1] - The third quarter alone saw operating revenue of 317 million yuan, a 14.01% year-on-year increase, and a net profit of 40 million yuan, reflecting a 45.76% growth year-on-year [1] Expense Management - The company maintained a proactive approach to expenses, with sales expenses at 309 million yuan (+5.36%), management expenses at 33 million yuan (+18.46%), and R&D expenses at 202 million yuan (+5.50%) for the first three quarters of 2024 [1] - In the third quarter, sales expenses were 116 million yuan, up 19.46% quarter-on-quarter and 8.21% year-on-year [1] Market Position - The company holds a strong competitive position in the Chinese application delivery market, ranking second with a market share of 14.3% in the first half of 2024 and 13.6% in the second quarter [2] - In the DDoS hardware security product market, the company ranks among the top three with a market share of 12.2%, indicating its strong product competitiveness [2]