太极股份三季报点评：产品化顺利推进，盈利能力较快修复

Investment Rating - The report maintains a "Buy" rating with a target price of 39.71 CNY [3][4]. Core Insights - The company's revenue decline has narrowed, achieving profitability in a single quarter, with a quarterly gross margin reaching a historical high. The productization strategy is progressing smoothly, positioning the company well in the core areas of trusted innovation and data elements, with potential for growth exceeding expectations [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 4.338 billion CNY, a year-on-year decline of 16.92%. The net profit attributable to shareholders was -28 million CNY, down 121.42% year-on-year. In Q3 alone, revenue was 1.724 billion CNY, a decline of 14.67% year-on-year, but the net profit was 131 million CNY, an increase of 60.73% year-on-year, marking a turnaround from previous losses [3][4]. Product Strategy - The company is successfully advancing its productization strategy, focusing on core software products like databases and office automation, as well as cloud and data services. The gross margin for Q3 reached 32.50%, up 3.29 percentage points quarter-on-quarter and 2.51 percentage points year-on-year, achieving a historical high [3][4]. Market Positioning - The company is strategically positioned in the trusted innovation and data element sectors. Its subsidiary has achieved significant sales in the domestic database market and recently won a major procurement project with a 60% market share. The "Taiji Trusted Data Space Platform" has passed key capability tests, indicating strong potential for commercial application and performance growth [3][4].