易华录：2024三季报点评：持续推进数据运营

Investment Rating - Buy (Maintained) [1] Core Views - The company is undergoing strategic transformation, shifting from data lake construction to data operation, which has led to a decline in revenue for Q1-Q3 2024 [1] - The company has achieved some success in cost control, with sales, management, and R&D expenses all decreasing year-on-year for Q1-Q3 2024 [1] - Public data policies have been introduced, which are expected to accelerate industry implementation [2] - The company is actively advancing data elements, becoming a partner in the Ministry of Industry and Information Technology's AI large model public service platform and signing multiple data service projects [3] - The company is expected to benefit from public data authorization operations in the future, leveraging its backing from China Electronics Technology Group Corporation (CETC) [3] Financial Forecasts - Revenue is projected to be 841.47 million yuan in 2024, 1,126.06 million yuan in 2025, and 1,508.88 million yuan in 2026, with year-on-year growth rates of 10.00%, 33.82%, and 34.00% respectively [1] - Net profit attributable to the parent company is forecasted to be -92.46 million yuan in 2024, 67.83 million yuan in 2025, and 166.60 million yuan in 2026, with year-on-year growth rates of 95.11%, 173.37%, and 145.60% respectively [1] - EPS is expected to be -0.13 yuan in 2024, 0.09 yuan in 2025, and 0.23 yuan in 2026 [1] Market Data - Closing price: 29.30 yuan [5] - One-year low/high price: 13.86/42.39 yuan [5] - P/B ratio: 7.07x [5] - Market capitalization: 21,092.85 million yuan [5] Financial Ratios - ROIC: -13.38% in 2023, 1.76% in 2024, 2.31% in 2025, and 3.06% in 2026 [10] - ROE: -52.57% in 2023, -2.73% in 2024, 1.96% in 2025, and 4.60% in 2026 [10] - Debt-to-asset ratio: 69.13% in 2023, 65.48% in 2024, 72.65% in 2025, and 70.24% in 2026 [10] Industry and Policy - Public data policies have been introduced, including the "Opinions on Accelerating the Development and Utilization of Public Data Resources" and two supporting policies, which are expected to accelerate industry implementation [2] - The National Data Bureau plans to release eight institutional documents this year, covering data property rights, data circulation, and public data development, among others [2]