BURTC(SH:600861) Guolian Securities·2024-10-31 06:40Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a significant increase in profits for Q3, with expectations for a recovery in labor demand [7] - The company achieved a revenue of 33.179 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 15.46%, and a net profit attributable to shareholders of 641 million yuan, up 84.75% year-on-year [2][7] - The company has signed global cooperation agreements with leading firms, which is expected to enhance overseas business growth [7] Financial Performance Summary - For Q3 2024, the company reported revenue of 11.313 billion yuan, a year-on-year increase of 18.39%, and a net profit of 207 million yuan, up 52.30% year-on-year [2][7] - The company's core business, Beijing Foreign Enterprises, achieved a net profit of 652 million yuan in the first three quarters of 2024, with a year-on-year increase of 1.84% [7] - The company expects revenues of 44.081 billion yuan, 50.904 billion yuan, and 58.638 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 15.06%, 15.48%, and 15.19% [7][8] Valuation Metrics - The current price of the stock is 20.11 yuan, with a market capitalization of approximately 7.372 billion yuan [5] - The earnings per share (EPS) for 2024 is projected to be 1.54 yuan, with a price-to-earnings (P/E) ratio of 13.0 [8] - The company has a debt-to-asset ratio of 57.48% [5]