LZRJ(SH:688588) SINOLINK SECURITIES·2024-10-30 07:00Investment Rating - The report maintains a "Buy" rating for the company, with an expected revenue growth of 57.1% for 2024 and a corresponding PE ratio of 30.0x [4]. Core Insights - The company reported a significant revenue increase of 64.4% year-on-year for the first three quarters of 2024, reaching 810 million yuan, and a net profit of 120 million yuan, up 178.3% year-on-year [2]. - The revenue growth is primarily attributed to the acquisition of Japanese Zhiming and Zhiming Software Holdings, which expanded the company's business scale [3]. - The company has developed several self-researched development tools, including an automation development platform and a low-code development platform, while reducing R&D expenses by 4.9% year-on-year in Q3 2024 [3]. - The company has secured strategic partnerships and projects in the domestic market, enhancing its technological advantages in its business with Japan [3]. Summary by Sections Performance Review - In Q3 2024, the company achieved a revenue of 280 million yuan, a 77.0% increase year-on-year, and a net profit of 110 million yuan, compared to a loss of 4.3 million yuan in the same period last year [2]. Business Analysis - The company has committed to receiving at least 8.34 billion yen in orders annually from Nomura Research Institute until March 2026, providing revenue certainty [3]. - The appreciation of the yen has contributed to foreign exchange gains, with a 9.2% increase in Q3 [3]. - The company is actively expanding its domestic business and has won several key projects, including those with the China Securities Association and Shenzhen Stock Exchange [3]. Profit Forecast - The revenue forecast for 2024-2026 has been adjusted to 1.094 billion yuan, 1.202 billion yuan, and 1.321 billion yuan, reflecting year-on-year growth rates of 57.1%, 9.9%, and 9.9% respectively [4]. - The net profit forecast for the same period is adjusted to 140 million yuan, 170 million yuan, and 200 million yuan, with growth rates of 64.5%, 19.8%, and 19.2% respectively [4].