Sugon(SH:603019) KAIYUAN SECURITIES·2024-10-29 07:14Investment Rating - The investment rating for the company is maintained as "Buy" [1][3]. Core Views - The company is a leader in domestic intelligent computing, with stable growth in performance and an increasingly complete high-end computing ecosystem. The net profit forecasts for 2024-2026 are set at 2.1 billion, 2.6 billion, and 3.25 billion yuan, respectively, with corresponding EPS of 1.44, 1.78, and 2.22 yuan per share. The current stock price corresponds to a PE ratio of 37.8, 30.5, and 24.4 times for 2024-2026 [3][4]. Financial Performance Summary - In the first three quarters of 2024, the company achieved operating revenue of 8.041 billion yuan, a year-on-year increase of 3.65%. The net profit attributable to the parent company was 770 million yuan, up 2.57% year-on-year, while the net profit excluding non-recurring items was 445 million yuan, an increase of 8.66% year-on-year. In Q3 alone, the operating revenue was 2.329 billion yuan, down 1.19% year-on-year, with a net profit of 206 million yuan, up 0.41% year-on-year [4]. - The gross profit margin for the first three quarters was 26.81%, an increase of 0.93 percentage points year-on-year, while the Q3 gross margin was 28.20%, up 2.71 percentage points year-on-year. The company's expense ratios for sales, management, and R&D were 6.45%, 3.03%, and 12.22%, respectively, all showing year-on-year increases [4]. Strategic Opportunities - The company is seizing opportunities in domestic production, developing high-end computing products such as immersion liquid-cooled blade servers and AI workstations. It is also accelerating the introduction of domestic core components and enhancing system stability through optimal configurations [5]. - The company is participating in the construction of intelligent computing centers across various regions, providing comprehensive solutions that include planning consultation, system design, engineering construction, operation and maintenance services, and energy consumption management [5]. Financial Projections - The projected operating revenues for 2024-2026 are 15.259 billion, 17.770 billion, and 20.244 billion yuan, with year-on-year growth rates of 6.3%, 16.5%, and 13.9%, respectively. The net profit forecasts for the same period are 2.1 billion, 2.601 billion, and 3.25 billion yuan, with corresponding year-on-year growth rates of 14.4%, 23.9%, and 24.9% [6]. - The gross margin is expected to improve from 26.7% in 2024 to 27.7% in 2026, while the net margin is projected to increase from 13.8% to 16.1% over the same period [6]. Market Position - The company has a total market capitalization of 79.353 billion yuan, with a current stock price of 54.23 yuan. The stock has seen a 196.79% turnover rate over the past three months [8].