Nanjing CIGU Technology (SH:688448) Guotai Junan Securities·2024-10-31 22:35Investment Rating - The report maintains a rating of "Buy" for the company, with a target price of 63.91 CNY, unchanged from the previous rating [2][4]. Core Insights - The company achieved a revenue of 256 million CNY in the first three quarters of 2024, representing a year-on-year growth of 16.50%. The net profit attributable to the parent company was 20 million CNY, up 7.47% year-on-year. In Q3 alone, the company reported a revenue of 106 million CNY, a year-on-year increase of 7.32%, but a slight quarter-on-quarter decline of 0.04%. The net profit for Q3 was 12 million CNY, showing a year-on-year decrease of 19.69% but a quarter-on-quarter increase of 59.12% [3][4]. - The company continues to invest heavily in R&D, with a research expense ratio of 14.38% in the first three quarters of 2024, an increase of 4.63 percentage points compared to the same period in 2023. Key R&D projects include the development of a second-generation magnetic levitation centrifugal blower, high-pressure magnetic levitation air compressors, and a series of magnetic levitation vacuum pumps [4]. Financial Summary - The company has adjusted its net profit forecasts for 2024-2026 to 33 million CNY, 82 million CNY, and 100 million CNY respectively, with corresponding EPS of 0.46 CNY, 1.15 CNY, and 1.39 CNY. The target price is based on a 55 times PE ratio for 2025 [4]. - The total revenue projections for the company are 480 million CNY for 2024, 638 million CNY for 2025, and 779 million CNY for 2026, reflecting growth rates of 16.0%, 33.0%, and 22.1% respectively [8][9].