ZDDC(600633)2024-11-01 03:00Investment Rating - The report maintains an "Outperform the Market" rating for the company [1][3][8] Core Views - The company experienced a revenue growth of 26% in the third quarter, with the consolidation of the Zhejiang Big Data Trading Center contributing positively [1][6] - The company’s revenue for the first three quarters of 2024 was 2.17 billion yuan, a year-on-year decrease of 5.2%, while the net profit attributable to shareholders was 470 million yuan, down 31.4% year-on-year [1][6] - In the third quarter alone, the company reported a revenue of 760 million yuan, a year-on-year increase of 26.3%, and a net profit of 330 million yuan, which represents a significant increase of 451.3% due to non-recurring gains of 210 million yuan [1][6] - The gross margin for the third quarter was 53.9%, down 20.3 percentage points year-on-year, primarily due to the increased proportion of lower-margin digital marketing business [1][7] Summary by Sections Financial Performance - The company’s revenue for the first three quarters of 2024 was 2.17 billion yuan, with a net profit of 470 million yuan [1][6] - The third quarter saw a revenue of 760 million yuan and a net profit of 330 million yuan, with a significant increase in net profit attributed to non-recurring gains [1][6] - The gross margin decreased to 53.9%, while the overall expense ratio declined by 10.8 percentage points [1][7] Business Segments - The digital culture segment, represented by Bianfeng Network, reported a revenue of 1 billion yuan in the first half of 2024, a decrease of 26.7% year-on-year [1][7] - The IDC business under Fuchun Cloud showed stable performance with a revenue of 200 million yuan, a year-on-year increase of 4.8% [1][7] - The data operation business saw the completion of the business registration for the Zhejiang Big Data Trading Center, with the company holding over 50% of the shares post-restructuring [1][8] Future Outlook - The report maintains profit forecasts for 2024-2026, expecting net profits of 540 million, 630 million, and 740 million yuan respectively [1][8] - The company is well-positioned in the digital economy and AIGC era, with a strong industry chain layout and significant long-term growth potential [1][8]