Jointown(SH:600998)2024-10-30 10:41Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Views - The company has shown a positive trend in Q3 performance, with a year-on-year revenue growth of 3.57% and a net profit increase of 1.64% [1] - The CSO business has contributed significantly to profit growth, with a revenue increase of 18% year-on-year in the first three quarters of 2024 [2] - The company is actively pursuing digital transformation, with a 19% increase in R&D investment and 40 digital projects initiated [2] - The REITs and Pre-REITs projects are progressing smoothly, expected to enhance profits by up to 16 billion yuan in the long term [3] - Revenue projections for 2024-2026 are estimated at 1543.20 billion, 1629.09 billion, and 1715.47 billion yuan, with net profits of 22.20 billion, 25.49 billion, and 29.16 billion yuan respectively [3] Summary by Sections Q3 Performance - In Q3 2024, the company achieved a revenue of 362.58 billion yuan, a 3.57% increase year-on-year, and a net profit of 4.89 billion yuan, up 1.64% [1] - The seasonal flu impact has diminished, leading to a positive performance trend in Q3 [1] CSO Business - The CSO business generated 141.19 billion yuan in revenue in the first three quarters, marking an 18% increase [2] - The company has introduced 104 new product specifications, with 30 expected to exceed 100 million yuan in sales [2] Digital Transformation - The company has invested 2.15 billion yuan in R&D, a 19% increase, and has launched 40 digital transformation projects [2] REITs and Pre-REITs - The public REITs application has been accepted, with expected profit contributions of up to 7 billion yuan from REITs and 9 billion yuan from Pre-REITs [3] Financial Projections - The company forecasts revenues of 1543.20 billion, 1629.09 billion, and 1715.47 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 22.20 billion, 25.49 billion, and 29.16 billion yuan [3]