INESA-it(600602) 国海证券·2024-10-29 12:01Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company's Q3 non-GAAP net profit surged by 223% YoY, driven by growth in cloud services, artificial intelligence, and data elements [1] - The company is expected to benefit from the continuous development of the "digital economy" as it focuses on cloud services, big data, industry solutions, and intelligent products [1] - The company's profitability remains stable, with Q3 gross margin increasing by 2.58 percentage points YoY [1] - The company's cost control measures have shown effectiveness, with sales/management/R&D expense ratios improving in Q3 [2] - The company is exploring AI+ business models and is expected to benefit from the development of data elements, particularly as a key player in Shanghai's digital transformation [4][5] Financial Performance - In Q3 2024, the company reported revenue of 1.122 billion yuan, a decrease of 7.13% YoY, and net profit attributable to shareholders of 45 million yuan, a decrease of 28.95% YoY [1] - Non-GAAP net profit in Q3 2024 was 42 million yuan, an increase of 223.46% YoY [1] - For the first three quarters of 2024, the company's revenue was 4.012 billion yuan, an increase of 8.25% YoY, and net profit attributable to shareholders was 158 million yuan, an increase of 1.22% YoY [1] - The company's gross margin for the first three quarters of 2024 was 19.59%, an increase of 0.77 percentage points YoY, while the net profit margin was 4.17%, a decrease of 0.54 percentage points YoY [1] Industry and Policy Impact - The company is expected to benefit from national policies promoting the integration of advanced manufacturing and modern services, as well as the development of the digital economy [1] - The company is positioned to take on the responsibility of public data operations in Shanghai, supported by upcoming policies from the National Data Bureau [5] Future Projections - The company is projected to achieve revenues of 6.159 billion yuan, 7.126 billion yuan, and 8.170 billion yuan for 2024, 2025, and 2026, respectively [5] - Net profit attributable to shareholders is expected to be 232 million yuan, 285 million yuan, and 361 million yuan for 2024, 2025, and 2026, respectively [5] - EPS is forecasted to be 0.17 yuan, 0.21 yuan, and 0.26 yuan for 2024, 2025, and 2026, respectively [5] Business Developments - The company's Songjiang Big Data Center Phase II project has completed its main structure and is expected to be operational within the year, potentially boosting revenue [4] - The company is investing in Shanghai Intelligent Computing Technology Co Ltd, aiming to build an independent intelligent computing industry ecosystem [4]