Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company has shown outstanding performance with total revenue of 1.75 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 11%. The net profit attributable to shareholders is 200 million yuan, up 8% year-on-year, while the net profit excluding non-recurring items is 185 million yuan, reflecting a 16% increase year-on-year [4] - The company has developed a comprehensive digital marketing solution for overseas expansion, leveraging technology and data accumulation to enhance operational efficiency for outbound enterprises [5] - The company is expected to achieve total revenues of 2.44 billion yuan, 2.74 billion yuan, and 3.05 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 13.8%, 12.5%, and 11.1% [6] Summary by Sections Financial Performance - In Q3 2024, the company reported total revenue of 670 million yuan, a 14% increase year-on-year, with a gross margin of 11.7%. The net profit attributable to shareholders for the quarter was 63.09 million yuan, up 3% year-on-year [4] - The company’s cash and trading financial assets totaled 2.9 billion yuan as of Q3 2024, indicating strong liquidity [5] Revenue and Profit Forecast - The forecast for total revenue from 2024 to 2026 is 2.44 billion yuan, 2.74 billion yuan, and 3.05 billion yuan, with corresponding net profits of 298 million yuan, 373 million yuan, and 438 million yuan [6][9] - The estimated fully diluted EPS for the same period is projected to be 0.63 yuan, 0.79 yuan, and 0.93 yuan [6][9] Valuation - The company is assigned a valuation range of 18.90 to 22.05 yuan per share based on a PE ratio of 30-35 times for 2024, compared to a peer average of 56 times [6][8]
易点天下：公司季报点评：业绩持续表现突出，深耕出海科技赋能