DIGIWIN(SZ:300378) Guohai Securities·2024-11-03 12:54Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Insights - The company's revenue for the first three quarters of 2024 reached 1.573 billion yuan, representing a year-on-year increase of 11.21%. The net profit attributable to shareholders was 50 million yuan, up 2.15% year-on-year, while the net profit after deducting non-recurring items surged by 59.1% to 45 million yuan [2][8] - In Q3 2024, the company's revenue was 569 million yuan, reflecting a year-on-year growth of 11.63%. However, the net profit attributable to shareholders decreased by 41.42% to 7 million yuan, while the net profit after deducting non-recurring items increased by 117.14% to 5 million yuan [2][8] - The company has seen a significant acceleration in revenue growth in mainland China, with a year-on-year increase of 11.33% in Q3 2024 compared to 7.37% in H1 2024. The company continues to strengthen its operational management efficiency and adapt its strategies to the fluctuations in downstream industry demand [3][4] Revenue Breakdown - Revenue from mainland China in Q3 2024 was 280 million yuan, with a total of 735 million yuan for the first three quarters, showing a year-on-year growth of 11.33% [3] - Revenue from non-mainland regions in Q3 2024 was 289 million yuan, totaling 838 million yuan for the first three quarters, maintaining a high growth rate of 11.11%. In Taiwan, new customer contracts increased by 32% year-on-year [3][4] - The company's revenue from Chinese enterprises going abroad increased by 58% year-on-year in the first three quarters of 2024, driven by partnerships with major domestic companies [3][4] Business Segments Performance - The company's revenue from R&D design, digital management, production control, and AIoT businesses for the first three quarters of 2024 was 84 million, 852 million, 218 million, and 404 million yuan respectively, with growth rates of 23.17%, 1.30%, 5.67%, and 41.83% [4][6] - The R&D design segment saw a contract signing amount increase of over 30% year-on-year, with significant advancements in AI applications and digital transformation solutions [4][6] - The AI business revenue grew by 102.08% year-on-year in the first three quarters of 2024, reflecting the company's increased investment in AI technology [7] Financial Forecast - The company is expected to generate revenues of 2.522 billion, 2.892 billion, and 3.350 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 173 million, 214 million, and 267 million yuan [8][9] - The projected EPS for 2024, 2025, and 2026 is 0.64, 0.79, and 0.98 yuan, with P/E ratios of 35, 28, and 23 times respectively [8][9]