ECC(600850) Guohai Securities·2024-10-29 14:56Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company's revenue for the first three quarters of 2024 reached 7.1 billion yuan, a year-on-year increase of 2.49%, while the net profit attributable to shareholders was 302 million yuan, up 8.76% year-on-year. The net profit after deducting non-recurring gains and losses was 299 million yuan, reflecting a growth of 10.67% year-on-year [2] - The digital product business is showing strong growth momentum, and the company is expected to maintain robust business growth throughout 2024 [3] - The controlling shareholder's plan to increase holdings in the company is expected to boost market confidence [4] Summary by Sections Financial Performance - In Q3 2024, the company's revenue was 2.587 billion yuan, a decrease of 3.07% year-on-year, while the net profit attributable to shareholders was 169 million yuan, an increase of 15.38% year-on-year. The net profit after deducting non-recurring gains and losses was 168 million yuan, reflecting a growth of 19.25% year-on-year [2] - The gross profit margin for the first three quarters of 2024 was 19.54%, an increase of 0.24 percentage points year-on-year, primarily due to the increased proportion of high-margin digital product business [3] Business Outlook - The company is positioned as a leading provider of comprehensive digital solutions in China, with expectations for steady growth driven by the deepening of the domestic information technology industry and the flourishing of the intelligent industry [3] - Revenue forecasts for 2024-2026 are 11.034 billion yuan, 12.266 billion yuan, and 13.955 billion yuan, respectively, with net profits of 565 million yuan, 657 million yuan, and 783 million yuan, respectively [5][7] Shareholder Confidence - The controlling shareholder, Electric Science Digital Group, and its concerted parties plan to increase their holdings in the company by no less than 200 million yuan and no more than 400 million yuan, which reflects their confidence in the company's future development prospects [4][5]