南网科技：2024年三季报点评：检测调试&智能设备高速增长，业绩符合市场预期

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 performance met market expectations, with revenue of 2.11 billion yuan, a year-on-year increase of 29.1%, and a net profit of 280 million yuan, up 75% year-on-year. The gross margin was 31.1%, an increase of 4.3 percentage points, and the net profit margin was 13.3%, up 3.5 percentage points [1][2] - The rapid growth in revenue and profit is primarily driven by high-margin testing and debugging services, as well as smart device business revenue [2] - The company has seen significant growth in its testing and debugging business, with revenue contributions from external testing entities in Guizhou and Guangxi, achieving year-on-year increases of 121% and 161%, respectively [2] - The smart device segment is expected to benefit from increased investment in the power grid, with a projected 23.5% year-on-year increase in fixed asset investment in 2024 [2] Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 2.11 billion yuan, with a year-on-year growth of 29.1%, and a net profit of 280 million yuan, reflecting a 75% increase year-on-year [1][3] - The Q3 2024 revenue was 550 million yuan, a year-on-year increase of 46.7%, with a net profit of 100 million yuan, up 116% year-on-year [1][3] - The gross margin for Q3 2024 was 37.3%, maintaining the same level year-on-year, while the net profit margin increased to 17.2%, up 5.5 percentage points year-on-year [1][3] Future Outlook - The company has revised its net profit forecasts for 2024-2026, with expected net profits of 439 million yuan (down 0.7 million), 623 million yuan (down 0.7 million), and 906 million yuan (up 0.1 million), representing year-on-year growth rates of 56%, 42%, and 45%, respectively [4] - The current price corresponds to a P/E ratio of 45x for 2024, 32x for 2025, and 22x for 2026 [4]