Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company reported a significant growth in revenue and net profit for the third quarter of 2024, with total revenue reaching 279 million yuan, a year-on-year increase of 13.84%, and net profit attributable to shareholders at 24 million yuan, up 10.52% year-on-year [3] - The company is experiencing rapid growth in its new energy charging and swapping business, supported by favorable government policies and a robust business model [4][5] - The penetration rate of intelligent mining is low, indicating substantial growth potential in the sector, with government initiatives aiming for a significant increase in smart mining capabilities by 2030 [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 279 million yuan, with a net profit of 24 million yuan, and a significant increase in cash flow from operating activities, which turned positive at 35.99 million yuan [3] - The company’s revenue for 2024 is projected to be 546.16 million yuan, with net profit expected to reach 69.74 million yuan, reflecting a growth rate of 24.04% and 26.46% respectively [5] - The company’s earnings per share (EPS) for 2024 is estimated at 0.90 yuan, with a price-to-earnings (P/E) ratio of 22.14 based on the closing price on October 29, 2024 [5] Business Growth and Strategy - The company is actively expanding its presence in the new energy sector, particularly in charging and swapping services, which have shown significant growth and are expected to improve cash flow [4] - The company’s investment in fixed assets and construction projects has increased, with construction in progress rising by 123.25% to 64.25 million yuan, indicating ongoing expansion efforts [3][4]
科达自控：2024年三季报点评：单季度迎高增长，双赛道前景广阔