Seeyon(688369) 开源证券·2024-11-02 15:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company adheres to a "platform + ecosystem" development strategy and maintains a profit forecast for 2024-2026 with net profits of -0.19 billion, 0.80 billion, and 1.08 billion respectively, with EPS of -0.17, 0.70, and 0.94 yuan per share. The current stock price corresponds to a PE of 28.2 and 20.9 times for 2025-2026, considering the gradual realization of the company's AI strategy [3] - The company's revenue decline has narrowed in Q3, with significant cost reduction and efficiency improvement results. The revenue for the first three quarters of 2024 was 6.17 billion, down 12.54% year-on-year, while the net profit attributable to the parent company was -1.09 billion, a year-on-year increase in loss of 234.40% [4] - The company has launched the AI-COP platform, which includes various versions tailored for different organizational sizes, and is expected to accelerate the iteration of AI products, gradually releasing business value [5] Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 6.17 billion, a year-on-year decline of 12.54%, and a net profit of -1.09 billion, with a significant increase in loss of 234.40%. The Q3 single-quarter revenue was 2.15 billion, down 5.19% year-on-year, with a net profit of -0.41 billion, narrowing the loss by 23.00% [4] - The financial forecast for 2024-2026 includes operating revenues of 1,045 million, 1,168 million, and 1,335 million respectively, with corresponding net profits of -50 million, 80 million, and 108 million [6][9] - The company’s gross margin is projected to be 68.5% in 2024, improving to 70.2% in 2025 and 71.3% in 2026 [6][10]