SIE(300687) 国金证券·2024-10-29 11:03Investment Rating - The report maintains a "Buy" rating for SIE Information (300687 SZ) with a current PE valuation of 29 5/23 7/19 1 times for 2024/2025/2026 respectively [2] Core Views - SIE Information's Q3 2024 revenue growth remained stable at 6 34 billion yuan (+1 43% YoY) while net profit faced pressure declining 38 91% YoY to 64 95 million yuan [2] - The company's 1-3Q24 revenue reached 17 05 billion yuan (+1 37% YoY) with net profit dropping 26 31% YoY to 94 66 million yuan [2] - Gross margin for 1-3Q24 stood at 32 32% (-0 77pct YoY) and net margin was 5 55% (-2 09pcts YoY) [2] - The company launched an equity incentive plan with performance targets of 15-20% CAGR for net profit from 2025-2027 based on 2024 figures [2] Financial Performance Revenue & Profit - 3Q24 revenue: 6 34 billion yuan (+1 43% YoY) [2] - 1-3Q24 revenue: 17 05 billion yuan (+1 37% YoY) [2] - 3Q24 net profit: 64 95 million yuan (-38 91% YoY) [2] - 1-3Q24 net profit: 94 66 million yuan (-26 31% YoY) [2] Expense Ratios - R&D expense ratio: 14 46% (+0 78pct YoY) [2] - Sales expense ratio: 6 27% (-0 44pct YoY) [2] - Management expense ratio: 5 54% (-0 82pct YoY) [2] - Financial expense ratio: 0 47% (+0 02pct YoY) [2] Forecasts - 2024-2026 revenue forecasts: 23 19/27 40/32 89 billion yuan [2] - 2024-2026 net profit forecasts: 225/279/348 million yuan [2] - 2024-2026 EPS forecasts: 0 55/0 68/0 85 yuan [2] Historical Financials - 2022-2026E revenue growth: 17 37%/-0 75%/2 86%/18 17%/20 05% [4] - 2022-2026E net profit growth: 11 10%/1 98%/-11 72%/24 40%/24 54% [4] - 2022-2026E ROE: 10 34%/9 58%/7 79%/9 15%/10 67% [4] Market Sentiment - Recent market ratings show 23 "Buy" recommendations within the past six months [8] - The market average investment recommendation score is 1 00 indicating a strong "Buy" consensus [10]