ZDDC(600633)2024-10-29 06:01Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's main business remains stable, with significant investment income contributing to profit growth [1] - The report highlights a decline in revenue and net profit for the third quarter, but attributes this to increased investment income and fair value changes [1] - The forecast for revenue and net profit shows a recovery trend in the coming years, with expected growth rates of 8% for 2025 and 2026 [1][2] Financial Summary - Revenue (in million CNY): - 2022A: 5,186 - 2023A: 3,078 - 2024E: 3,084 - 2025E: 3,333 - 2026E: 3,600 - Year-over-year growth rates: - 2022A: 69% - 2023A: -41% - 2024E: 0% - 2025E: 8% - 2026E: 8% [1] - Net Profit (in million CNY): - 2022A: 490 - 2023A: 663 - 2024E: 521 - 2025E: 605 - 2026E: 708 - Year-over-year growth rates: - 2022A: -5% - 2023A: 35% - 2024E: -21% - 2025E: 16% - 2026E: 17% [1] - Earnings Per Share (in CNY): - 2022A: 0.39 - 2023A: 0.52 - 2024E: 0.41 - 2025E: 0.48 - 2026E: 0.56 [1] - Price-to-Earnings (P/E) Ratio: - 2023A: 20.7 - 2024E: 26.4 - 2025E: 22.7 - 2026E: 19.4 [1] - Price-to-Book (P/B) Ratio: - 2023A: 1.4 - 2024E: 1.4 - 2025E: 1.3 - 2026E: 1.3 [1] Market Performance - The company's stock price as of October 27, 2024, is 10.85 CNY, with a market capitalization of 13,733.18 million CNY [1] - The report notes a significant increase in investment income, which has positively impacted the company's profitability despite a decline in core business revenue [1]