天融信：2024年三季报点评：第三季度实现扭亏为盈，持续开拓新赛道机遇

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Viewpoints - The company achieved a turnaround to profitability in Q3 2024, with a net profit attributable to shareholders of 36.49 million yuan, compared to a net loss of 169 million yuan in the previous period [1][2]. - The company is focusing on cost reduction and efficiency improvement while leveraging its technological advantages to explore new business avenues such as AI+Security and data elements [2]. - The company’s revenue for the first three quarters of 2024 was 1.582 billion yuan, a year-on-year decrease of 3.98% [1]. Financial Performance Summary - Q3 2024 saw a total expense reduction of 10.15% year-on-year, with R&D expenses down by 8.05% and management expenses down by 24.18% [1]. - The projected net profits for 2024-2026 are estimated at 218 million, 318 million, and 388 million yuan respectively, with corresponding PE ratios of 36X, 24X, and 20X based on the closing price on October 28, 2024 [2][5]. - The company’s gross margin is expected to improve to 64% by 2024, with a net profit margin of 6.34% [5]. Business Development Highlights - The company’s AI+Security products received recognition in the IDC report for their outstanding performance in security operations [2]. - The company was included in the "2024 China Data Element Circulation Service Market Industry Map" by iResearch, highlighting its achievements in data security protection frameworks [2]. Financial Forecasts - The total revenue forecast for 2024 is 3.441 billion yuan, with a projected growth rate of 10.12% [5]. - The company’s operating profit is expected to reach 232 million yuan in 2024, with a significant EBIT growth rate of 324.09% [5]. Valuation Metrics - The report indicates a PE ratio of 36 for 2024, decreasing to 20 by 2026, suggesting an improving valuation outlook as profitability increases [5][6]. - The company’s PB ratio is projected to remain stable at 0.8 across the forecast period [6].