Highlander(300065) 东吴证券·2024-10-28 12:44Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue is under pressure, but the net profit attributable to the parent company has shown stable growth, with a net profit of 10.19 million yuan in the first three quarters of 2024, representing a year-on-year increase of 16.54% [2] - The company has significantly improved its cash flow, with a net cash flow from operating activities of 9.41 million yuan, an increase of 145.27% year-on-year, indicating enhanced cash-generating capacity [3] - The company is actively exploring new business opportunities, including the establishment of a joint venture in the intelligent computing center sector, which aligns with national support for marine economy and digital economy [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved total operating revenue of 254 million yuan, a decrease of 48.02% year-on-year, primarily due to uncompleted project acceptance [2] - The company's management expenses decreased by 30% year-on-year to 42.64 million yuan, reflecting effective cost control measures [2] - The forecast for net profit attributable to the parent company for 2024-2026 is adjusted to 62.11 million yuan, 94.47 million yuan, and 130.88 million yuan, respectively, with corresponding P/E ratios of 114.13, 75.04, and 54.16 [4]