四维图新：降本增效，同比减亏

Investment Rating - The report maintains a "Buy" rating for the company [3][7]. Core Views - The company has achieved a revenue of 2.528 billion RMB for the first three quarters of 2024, representing a year-over-year increase of 9.06%. However, the net profit attributable to the parent company is a loss of 488 million RMB, which is a year-over-year improvement of 1.66% [3]. - The company is actively promoting cost reduction and efficiency improvement, with a significant decrease in R&D expense ratio, leading to a reduction in net loss year-over-year. The company is well-positioned to benefit from the trend of automotive intelligence in the future [3][6]. - The gross profit margin for the first three quarters of 2024 is 34.69%, a decrease of 7.71 percentage points year-over-year, but the gross margin for Q3 2024 has improved to 37.73%, an increase of 1.24 percentage points year-over-year [4]. - The company has improved its operating cash flow, with a net operating cash flow of 136 million RMB for the first three quarters, a year-over-year increase of 199.89% [4]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 861 million RMB, a year-over-year increase of 5.36% but a quarter-over-quarter decrease of 10.25%. The net profit attributable to the parent company for Q3 is a loss of 131 million RMB, which is a year-over-year increase of 34.51% and a quarter-over-quarter increase of 29.52% [3]. - The company’s revenue for 2024 is projected to be 3.426 billion RMB, with a year-over-year growth of 9.74% [8]. Cost Management - The company has implemented various cost reduction and efficiency improvement strategies, resulting in a decrease in sales, management, and R&D expense ratios for the first three quarters of 2024 [5]. - The R&D expense ratio has decreased significantly, indicating a focus on improving R&D efficiency and output [5]. Market Opportunities - The company is leveraging its accumulated capabilities in intelligent driving, intelligent cockpit, and cloud services to develop high-cost performance integrated solutions for automotive intelligence. It is also seizing opportunities in the integrated vehicle-road-cloud industry and establishing a compliance regulatory service platform for mapping data [6]. - The company is expected to continue benefiting from the trends in automotive intelligence and integrated vehicle-road-cloud industries [6]. Valuation - The target price for the company is set at 12.51 RMB, with an estimated EPS of -0.28, -0.15, and -0.02 for the years 2024, 2025, and 2026 respectively [7].