Naruida(688522) 国海证券·2024-10-29 12:15Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7][10] Core Views - The company achieved a revenue of 136.20 million yuan in the first three quarters of 2024, representing a year-over-year increase of 20.00%. The net profit attributable to shareholders was 26.01 million yuan, down 21.75% year-over-year [2][4] - In Q3 2024, the company reported a revenue of 63.43 million yuan, a significant year-over-year increase of 53.45%, and a net profit attributable to shareholders of 20.12 million yuan, up 45.11% year-over-year [2][4] - The company has signed contracts worth approximately 670 million yuan for new projects in 2024, ensuring revenue certainty for future performance [4][6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 76.08%, a slight decrease of 0.25 percentage points year-over-year. The gross margin for Q3 was 72.95%, down 8.69 percentage points year-over-year [3][4] - The company’s operating cash flow improved year-over-year, with accounts receivable turnover days decreasing by approximately 128 days compared to the first half of 2024 [5][6] Market Data - Current stock price is 57.64 yuan, with a 52-week price range of 29.55 to 73.50 yuan. The total market capitalization is approximately 12.48 billion yuan [3][4] - The company has a total share capital of 216.53 million shares, with a circulating share capital of 84.74 million shares [3] Future Projections - Revenue projections for 2024 to 2026 are 549 million yuan, 990 million yuan, and 1.388 billion yuan, with year-over-year growth rates of 158%, 80%, and 40% respectively. Net profit projections for the same years are 21.80 million yuan, 43.90 million yuan, and 61.70 million yuan, with growth rates of 245%, 101%, and 41% respectively [7][8][10]