JONHON(002179) Minsheng Securities·2024-10-30 09:03Investment Rating - The investment rating for the company is "Recommended" [3] Core Views - The company reported a revenue of 140.95 billion yuan for the first three quarters of 2024, a year-over-year decrease of 8.2%, with a net profit attributable to shareholders of 25.13 billion yuan, down 13.2% year-over-year. The performance is generally in line with market expectations [1] - In Q3 2024, the company achieved a revenue of 48.98 billion yuan, representing a year-over-year increase of 6.4%, following declines in the first two quarters of 2024. However, net profit for Q3 2024 was 8.45 billion yuan, down 10.1% year-over-year [1] - The company plans to engage in strategic cooperation with Luoyang Guanglian Fund to leverage its industry advantages and support project exploration and industry assessment without actual capital investment [1] Summary by Sections Financial Performance - For the first three quarters of 2024, the company experienced a revenue decline of 8.2% year-over-year, with a net profit decrease of 13.2%. In Q3 2024, revenue increased by 6.4% year-over-year, but net profit continued to decline [1] - The gross margin for the first three quarters of 2024 decreased by 2.2 percentage points to 36.6%, while the net profit margin fell by 1.0 percentage point to 18.8%. In Q3 2024, the gross margin was 35.5%, down 5.0 percentage points year-over-year [1] Cost Management - The company maintained a stable expense ratio, with a total expense ratio increase of 0.5 percentage points to 16.1% for the first three quarters of 2024. The R&D expense ratio increased by 0.2 percentage points to 8.8% [1] Future Outlook - The company aims to expand into strategic emerging industries and enhance its industrial layout to create a "second growth curve." The projected net profits for 2024, 2025, and 2026 are 36.94 billion yuan, 43.45 billion yuan, and 49.75 billion yuan, respectively [1][4]