Megmeet(SZ:002851) Xinda Securities·2024-10-31 07:31Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 5.903 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 21.06%. The net profit attributable to the parent company was 411 million yuan, a decrease of 14.82% year-on-year, while the net profit after deducting non-recurring gains and losses was 363 million yuan, an increase of 18.10% year-on-year [1][2] - In Q3 2024, the company achieved a revenue of 1.892 billion yuan, a year-on-year increase of 19.02%, with a net profit attributable to the parent company of 97 million yuan, up 3.86% year-on-year, and a net profit after deducting non-recurring gains and losses of 81 million yuan, an increase of 16.30% year-on-year [1][2] - The company's gross margin in Q3 2024 was 25.28%, a decrease of 0.51 percentage points from Q2 2024 but an increase of 0.07 percentage points year-on-year. The R&D expense ratio was 13.2%, an increase of 2.4 percentage points from the previous quarter, indicating strong investment in R&D to enhance product competitiveness and drive growth across multiple business areas [2] - The company has entered the NVIDIA supply chain, launching a new power system suitable for the NVIDIA MGX platform, which is expected to drive rapid growth in its network power business [2] - Profit forecasts for the company indicate net profits attributable to the parent company of 574 million yuan, 811 million yuan, and 1.066 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year changes of -8.7%, +41.3%, and +31.3%. The market capitalization corresponds to a PE ratio of 40 and 28 times for 2024 and 2025 respectively, maintaining a "Buy" rating [2] Financial Summary - For 2022A, the total revenue was 5.478 billion yuan, with a year-on-year growth of 31.8%. The net profit attributable to the parent company was 473 million yuan, with a year-on-year growth of 21.6% [4] - The projected total revenue for 2024E is 8.624 billion yuan, with a year-on-year growth of 27.7%. The net profit attributable to the parent company is expected to be 574 million yuan, reflecting a year-on-year decrease of 8.7% [4] - The gross margin is projected to be 25.8% for 2024E, with a return on equity (ROE) of 11.4% [4]