GOODWILL(SH:688246) Guotai Junan Securities·2024-10-31 17:07Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company's Q3 performance was under pressure, with a year-on-year revenue decline of 12% to 476 million yuan, primarily due to external factors and increased accounts receivable leading to higher impairment provisions [5] - The report maintains a target price of 35 yuan, down from the previous forecast of 42.49 yuan, reflecting adjustments in earnings per share (EPS) estimates for 2024-2025 [5] - The company is actively exploring data element applications and AI to enhance product competitiveness and open up new growth areas [4][5] Financial Summary - For the first three quarters, the company reported a net loss attributable to shareholders of 41.26 million yuan, compared to a profit of 18.03 million yuan in the same period last year [5] - The company’s revenue for Q3 alone was 175 million yuan, a 29% year-on-year decline [5] - The EPS estimates have been revised to 0.53 yuan for 2024, 0.79 yuan for 2025, and a new estimate of 1.05 yuan for 2026 [5][10] Market Data - The company's market capitalization is approximately 4.057 billion yuan, with a current share price of 29.49 yuan [6][3] - The stock has a 52-week price range of 15.32 to 36.68 yuan [6] Comparative Analysis - The company’s projected price-to-sales (PS) ratio for 2024 is 5.14, compared to an average of 6.03 for comparable companies [13] - The company’s net asset value per share is 12.99 yuan, with a current price-to-book (P/B) ratio of 2.3 [7][10]