SW-TECH(300113) 开源证券·2024-10-30 14:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown strong growth in Q3, driven by the recovery in esports services and the recognition of revenue from the Chinajoy exhibition. The Q3 revenue reached 589 million yuan, a year-on-year increase of 37.80% and a quarter-on-quarter increase of 48.8% [3] - The company is expected to benefit from its diversified business model, including esports, Chinajoy, cloud computing, and AI, which are anticipated to drive future growth [3] - The company maintains its profit forecast, expecting net profits of 226 million yuan, 300 million yuan, and 371 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.33, 0.43, and 0.53 yuan [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 1.396 billion yuan, a year-on-year increase of 25.96%, and a net profit of 212 million yuan, a year-on-year increase of 34.92% [3] - The Q3 gross margin was 43.28%, showing a year-on-year decline of 10.79 percentage points but a quarter-on-quarter increase of 3.59 percentage points [4] - The company has effectively controlled its expense ratios, with sales expense ratio at 4.12%, management expense ratio at 7.18%, and R&D expense ratio at 6.66% [4] Business Development - The esports hotel segment saw over 8 million consumer visits during the National Day holiday, a year-on-year increase of 6.54%, indicating strong market demand [5] - The launch of the "Shunwang Lingxi Plaza," a one-stop model training and deployment platform, is expected to enhance the company's AI cloud computing business, potentially forming a second growth curve for the company [5] - The company is well-positioned to leverage the popularity of domestic 3A games, which may boost demand for its esports cloud services and related advertising revenue [5]