ZHI-TECH(300785) 开源证券·2024-10-29 02:12Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Views - The company is expected to benefit from the "Double 11" shopping festival, which may aid in performance recovery, alongside long-term growth driven by AI and overseas expansion [1][2] - In Q3 2024, the company reported a revenue of 296 million (up 5.19% year-on-year) and a narrowed net loss of 3.85 million (down 72.68% year-on-year) [1] - The gross margin for Q3 2024 was 44.21% (up 1.4 percentage points year-on-year), indicating improved profitability [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 1.012 billion (up 5.54% year-on-year) and a net profit of 3.805 million (down 72.94% year-on-year) [1] - The projected net profits for 2024-2026 are 91 million, 127 million, and 182 million respectively, with corresponding EPS of 0.46, 0.64, and 0.92 [1] - The current price-to-earnings (P/E) ratios are projected at 67.3, 48.3, and 33.6 for 2024, 2025, and 2026 respectively [1] Product Development and Market Strategy - The "What Worth Buying" app is undergoing continuous iteration, with the GEN2 version in internal testing, aiming to enhance user engagement and traffic growth [2] - The company plans to collaborate with more external partners to build an "AI + interest" driven consumption ecosystem [2] - The "Double 11" event is expected to significantly boost sales in key categories such as home appliances and digital products, which are crucial for the platform's revenue growth [2] AI and Overseas Expansion - The company is positioning itself as a provider of consumer information through large models and has established partnerships with various AI firms to enhance its product offerings [3] - The overseas business is progressing steadily, with the establishment of three wholly-owned subsidiaries in the first half of 2024, indicating a commitment to international expansion [3]