AISINO CO.LTD.(600271) 国海证券·2024-11-04 13:22Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1][7][10] Core Views - The company is positioned as a leader in fiscal and tax IT, focusing on strategic emerging industries, and is expected to benefit from the acceleration of fiscal reforms and the digital economy [3][6][7] - Despite a decline in revenue for the first three quarters of 2024, the company is anticipated to stabilize and recover in 2025 as digital fiscal demand expands [2][3][4][7] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 5.777 billion yuan, a year-on-year decrease of 42.46%, and a net profit attributable to shareholders of -19 million yuan, compared to 462 million yuan in the same period last year [2] - In Q3 2024, revenue was 1.559 billion yuan, down 48.96% year-on-year, with a net profit of 52 million yuan, improving from -65 million yuan in the same quarter last year [2] Market Position and Strategy - The company has established a strong foothold in the digital fiscal sector, providing services to 45 million legal entities and 280 million individuals through its national tax network identity authentication system [4] - The company is involved in significant projects, including the construction of a trusted identity management platform and various digital transformation initiatives for large and small enterprises [4][6] Future Outlook - The company is expected to see revenue growth in the coming years, with projections of 10.231 billion yuan in 2024, 11.776 billion yuan in 2025, and 13.723 billion yuan in 2026, reflecting a recovery trajectory [7][8] - The anticipated net profit for 2024 is projected at 347 million yuan, with significant growth expected in subsequent years [7][8] Valuation Metrics - The current stock price is 9.65 yuan, with projected P/E ratios of 52, 33, and 24 for 2024, 2025, and 2026 respectively [7][10] - The company maintains a market capitalization of approximately 17.88 billion yuan [3][10]