JQSY(600212) KAIYUAN SECURITIES·2024-11-01 07:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a good gross margin performance, but profitability was impacted by significant share-based payment expenses [1] - The company has a competitive advantage in its charging pile products and is expected to benefit from the growth of the charging pile industry [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 610 million yuan, a year-on-year increase of 19.60%. However, it reported a net loss attributable to shareholders of 3.25 million yuan, a year-on-year decline of 113.06% [2] - In Q3 2024, the company generated operating revenue of 220 million yuan, a year-on-year decrease of 14.16%, with a net loss attributable to shareholders of 4.27 million yuan, a year-on-year decline of 120.04% [2] - The gross margin for Q3 2024 was 30.8%, an increase of 8.7 percentage points year-on-year, while the net margin was -2.0%, a decrease of 10.2 percentage points year-on-year [2] - The company has increased its expense ratios in sales, management, R&D, and finance, which contributed to the decline in profits [2] Future Projections - The company expects net profits attributable to shareholders for 2024-2026 to be 20 million, 59 million, and 117 million yuan respectively, with corresponding EPS of 0.03, 0.09, and 0.17 yuan per share [2] - The projected P/E ratios for 2024-2026 are 272.5, 92.5, and 46.8 times respectively [2] Strategic Developments - In 2024, the company acquired a 57% stake in Zhongchuang Aviation, expanding into the heavy-duty industrial drone business, which is expected to enhance its operational capabilities [3]