GRG Banking(002152) 华龙证券·2024-11-03 04:54Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a total operating revenue of 7.118 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 23.93%. However, the net profit attributable to the parent company was 673 million yuan, a decrease of 10.58% year-on-year [1] - The company has shown good cost control, although profit margins are slightly under pressure. In Q3 2024, the operating revenue grew by 14.41% year-on-year, while the net profit decreased by 37.37% [1] - The company has successfully expanded its urban intelligence and financial technology businesses, with significant contributions from acquisitions and partnerships [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved total operating revenue of 7.118 billion yuan, up 23.93% year-on-year, while the net profit attributable to the parent company was 673 million yuan, down 10.58% [1] - The sales expense ratio, management expense ratio, and R&D expense ratio for the first three quarters of 2024 were 6.94%, 5.79%, and 8.82%, respectively, all showing a decrease compared to the previous year [1] - The company has maintained its leading position in the domestic smart financial equipment market for 16 consecutive years, with operations in over 120 countries and regions [1] Earnings Forecast - The forecasted net profits attributable to the parent company for 2024-2026 are 1.102 billion yuan, 1.256 billion yuan, and 1.437 billion yuan, respectively. The expected EPS for the same period is 0.44 yuan, 0.51 yuan, and 0.58 yuan [1][2] - The current stock price of 12.32 yuan corresponds to a PE ratio of 27.8, 24.4, and 21.3 for 2024-2026, which is lower than the average PE of comparable companies [1][2]