石头科技：业务拓展进一步加强，盈利水平有所下滑

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has strengthened its business expansion, but its profitability has declined. For the first three quarters of 2024, the company achieved a revenue of 7.007 billion yuan, a year-on-year increase of 23.17%, and a net profit attributable to shareholders of 1.472 billion yuan, up 8.22% year-on-year. However, the non-recurring net profit decreased by 5.40% year-on-year to 1.186 billion yuan [1][2]. - In Q3 2024, the company reported a revenue of 2.591 billion yuan, an increase of 11.91% year-on-year, but the net profit attributable to shareholders fell by 43.40% year-on-year to 351 million yuan, with a non-recurring net profit decline of 45.25% year-on-year to 325 million yuan [1][2]. Financial Performance Summary - Revenue for 2022 was 6.629 billion yuan, which increased to 8.654 billion yuan in 2023, and is projected to reach 10.537 billion yuan in 2024, reflecting a year-on-year growth rate of 21.8% [3]. - The net profit attributable to shareholders was 1.183 billion yuan in 2022, increasing to 2.051 billion yuan in 2023, with an expected rise to 2.158 billion yuan in 2024, showing a growth rate of 5.2% [3]. - The latest diluted EPS is projected to be 11.68 yuan in 2024, with a net asset return rate of 16.8% [3]. Profitability Metrics - The gross margin for the first three quarters of 2024 decreased by 0.48 percentage points year-on-year to 53.86%, while the net profit margin fell by 2.90 percentage points year-on-year to 21.01% [2]. - The report indicates an increase in sales, management, R&D, and financial expense ratios, with the sales expense ratio rising to 22.31% for the first three quarters of 2024, up 2.63 percentage points year-on-year [2]. Future Profit Forecast - The company is expected to achieve net profits of 2.158 billion yuan in 2024, 2.501 billion yuan in 2025, and 2.887 billion yuan in 2026, with year-on-year growth rates of 5.2%, 15.9%, and 15.4% respectively [2].