Jiuyuan Yinhai(002777)2024-10-29 02:23Investment Rating - The investment rating for the company is "Buy" [6]. Core Views - The company has secured significant projects, including a smart healthcare project in Chongqing worth 91.73 million yuan, which enhances its capabilities in the healthcare sector and is expected to positively impact future performance [2]. - The company's contract liabilities have continued to grow, reaching 561 million yuan by the end of Q3, indicating a positive outlook for future performance [1][3]. - The company reported a decline in revenue and net profit for Q3, with revenue at 274 million yuan, down 3.95% year-on-year, and net profit at 7.58 million yuan, down 73.93% year-on-year [1]. Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 668 million yuan, a decrease of 16.84% year-on-year, and a net profit of 19 million yuan, down 83.53% year-on-year [3]. - The company’s cash flow from operating activities was -32 million yuan, an increase of 67.39% year-on-year [3]. - The company’s total market capitalization is approximately 9.2 billion yuan, with a circulating market value of about 9.11 billion yuan [4]. Earnings Forecast - The company is expected to generate revenues of 1.54 billion yuan, 1.85 billion yuan, and 2.23 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 184.73 million yuan, 220.65 million yuan, and 272.94 million yuan [7]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.45 yuan, 0.54 yuan, and 0.67 yuan, respectively [7].