宏川智慧：2024年三季报点评：Q3归母净利润-52.14%，景气度阶段性承压

Investment Rating - The investment rating for the company is "Add" [1][3] Core Views - The company reported a revenue of 1.088 billion yuan for the first three quarters of 2024, a year-on-year decline of 6.29% [2] - The net profit attributable to the parent company for the same period was 171 million yuan, down 28.81% year-on-year [2] - The company plans to distribute a cash dividend of 46 million yuan, which represents 26.71% of the net profit attributable to the parent company for the first three quarters of 2024, yielding a dividend rate of 0.89% based on the closing price on November 1, 2024 [3] - The company is expected to achieve revenues of 1.446 billion, 1.672 billion, and 1.942 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of -6.53%, 15.60%, and 16.17% [3] - The projected net profit attributable to the parent company for the same years is 188 million, 242 million, and 314 million yuan, with year-on-year growth rates of -36.59%, 28.95%, and 29.48% [3] Financial Summary - For the first three quarters of 2024, the company achieved a gross profit margin of 50.6% and a return on equity (ROE) of 7.0% [4] - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.41, 0.53, and 0.69 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 27.25, 21.13, and 16.32 [3][4] - The total revenue for 2024 is expected to be 1.446 billion yuan, with a gross profit margin of 50.6% [4]