BURTC(600861) Huachuang Securities·2024-10-30 07:49Investment Rating - The report assigns a "Recommendation" rating to the company with a target price of 25 yuan, based on a current price of 21.44 yuan [1]. Core Views - The company demonstrated resilient operations with a revenue of 33.179 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 15.46%. The net profit attributable to the parent company reached 641 million yuan, up 84.75% year-on-year, while the non-recurring net profit was 402 million yuan, increasing by 137.92% [1]. - In Q3 2024, the company achieved a revenue of 11.313 billion yuan, a year-on-year increase of 18.39%, and a net profit of 207 million yuan, up 52.30% year-on-year. The non-recurring gains included government subsidies of 124 million yuan [1]. - The company is expected to maintain a consistent growth trajectory in its core outsourcing business, which accounted for 83% of total revenue in 2023. The gross margin slightly declined by 0.50 percentage points, attributed to a higher proportion of low-margin outsourcing revenue [1]. - The company announced an internal restructuring plan aimed at optimizing its business lines, which is expected to enhance its strategic development [1]. Financial Summary - For 2024-2026, the projected net profits attributable to the parent company are 820 million yuan, 945 million yuan, and 1.063 billion yuan, representing year-on-year growth rates of 49.7%, 15.2%, and 12.6%, respectively. The corresponding price-to-earnings ratios are approximately 15, 13, and 11 times [1][2]. - The total revenue forecast for 2024 is 44.053 billion yuan, with a year-on-year growth rate of 15.0%. The projected earnings per share for 2024 is 1.45 yuan, with a price-to-earnings ratio of 15 [2][5].