金马游乐：业绩有所下滑，关注后续内外部发展机会

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company experienced a decline in performance, with a revenue drop of 31.32% year-on-year to 460 million yuan in the first three quarters of 2024, and a net profit decrease of 82.97% to 16 million yuan [1] - The decline in revenue is attributed to a high base from the previous year and a shift in product delivery towards lower-margin small and medium-sized products [1] - Despite the revenue decline, the company is actively working on cost reduction and efficiency improvement measures, resulting in a decrease in total expenses [1] - The company is expected to benefit from favorable external policies regarding equipment updates and is expanding its production capacity [1] - The international business has shown significant growth, with a 3730.42% increase in revenue in the first half of 2024 [1] Financial Summary - For 2024, the company is projected to achieve revenues of 610 million yuan, with a year-on-year decline of 17.4%, followed by growth in subsequent years [2] - The net profit for 2024 is estimated at 16 million yuan, reflecting a 64.8% decrease year-on-year, with a gradual recovery expected in 2025 and 2026 [2] - The company's P/E ratio is projected to be 146.6x for 2024, decreasing to 75.4x by 2026 [2]