Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported stable overall development in the first three quarters of 2024, with total revenue of 109 million yuan, a year-on-year increase of 32.55%, and a net profit attributable to shareholders of 31 million yuan, a decrease of 3.52% [2] - The acquisition of a subsidiary has significantly boosted revenue, with Q3 revenue reaching 37 million yuan, up 29.53% year-on-year, primarily due to the addition of e-commerce customer service outsourcing business [2] - The e-commerce industry is thriving, driving demand for e-commerce SaaS services, with the market size expected to exceed 150 billion yuan by 2027 [3] - The company has introduced innovative products in live streaming management and supply chain distribution, which are expected to provide new growth opportunities [3] - The acquisition of "Waterman Customer Service" enhances the company's e-commerce service offerings, creating new growth points [4] Financial Forecasts - The company’s revenue is projected to be 152 million yuan in 2024, 166 million yuan in 2025, and 175 million yuan in 2026, with net profits of 43 million yuan, 48 million yuan, and 51 million yuan respectively [4] - The expected EPS for 2024, 2025, and 2026 are 1.09 yuan, 1.24 yuan, and 1.30 yuan respectively [4] - The P/E ratios for 2024, 2025, and 2026 are projected to be 33.45, 29.33, and 28.03 respectively [4]
美登科技：2024年三季报点评：收购电商客服逐步并表静待协同效应释放业绩