赛恩斯：2024年三季报点评：业务结构改善，期待四季度收入确认加速

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a total revenue of 585 million yuan in the first three quarters of 2024, representing a year-on-year growth of 46.14%. The net profit attributable to shareholders reached 143 million yuan, up 164.03% year-on-year [2][3] - The improvement in business structure has led to an increase in gross margin and net margin, with the gross margin rising to 35.32%, an increase of 2.71 percentage points year-on-year, and the net margin reaching 25.19%, up 10.66 percentage points year-on-year [2] - The company expects accelerated revenue recognition in the fourth quarter of 2024, with historical data showing that Q4 revenue accounted for 43%, 40%, and 50% of total annual revenue in 2021, 2022, and 2023 respectively [4] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 585 million yuan, a net profit of 143 million yuan, and a non-recurring net profit of 81 million yuan, with respective year-on-year growth rates of 46.14%, 164.03%, and 78.16% [2] - The revenue for Q3 2024 was 229 million yuan, showing a year-on-year increase of 73.52%, with a net profit of 28 million yuan, up 56.40% year-on-year [2] Business Segments - The revenue from the heavy metal pollution prevention solutions segment was 105 million yuan, down 15.8% year-on-year, while the operational services segment generated 131 million yuan, up 54.1% year-on-year. The product sales segment, which includes chemical products and integrated wastewater treatment equipment, saw a revenue increase of 109.8% year-on-year, totaling 117 million yuan [2][3] Strategic Developments - The company deepened its collaboration with Zijin Mining, generating 83 million yuan in related revenue in H1 2024, a 14.1% increase year-on-year. The company anticipates related revenue of 450 million yuan from Zijin Mining in 2024 [3] - The implementation of an equity incentive plan aims to motivate core personnel and attract talent, with revenue targets set at 1.1 billion yuan and 1.5 billion yuan for 2024 and 2025 respectively [4] Earnings Forecast - The report maintains profit forecasts for 2024-2026 at 202 million yuan, 215 million yuan, and 267 million yuan respectively, with year-on-year growth rates of 123.8%, 6.1%, and 24.6% [4]