Net263(SZ:002467)2024-11-05 03:30Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [2][4]. Core Views - The company reported a revenue of 670 million yuan for the first three quarters of 2024, reflecting a year-on-year increase of 1.58%, while the net profit attributable to shareholders decreased by 29.29% to 64.5 million yuan. In Q3 2024, the company achieved a revenue of 202 million yuan, down 13.17%, and a net profit of 13.19 million yuan, down 48.66% [1]. - The company aims to become a leading global internet communication cloud service provider by focusing on digital transformation through "cloud network, cloud communication, and metaverse" strategies. It has a strong emphasis on R&D, particularly in WebRTC technology, QOS technology, audio and video technology, and cross-network access technology [1]. - The cloud network segment continues to grow steadily, with a focus on building a new generation of global information highways and computing network services. The company has established long-term contracts with some clients, extending over 10 years, and plans to expand its client base from traditional manufacturing to finance and other sectors [1]. - In the cloud communication sector, the company has transitioned its cloud email services from public to private cloud, optimizing large-scale storage and intelligent delivery, and integrating with mainstream enterprise communication tools [1]. - The metaverse segment leverages the company's global network resources and real-time audio and video transmission capabilities to create service-oriented digital humans for various industries, facilitating digital transformation [1]. Financial Summary - The company forecasts revenues of 905 million yuan in 2024, 991 million yuan in 2025, and 1.13 billion yuan in 2026, with corresponding revenue growth rates of 1.70%, 9.50%, and 14.00% respectively [3][7]. - The net profit attributable to shareholders is projected to be 100.07 million yuan in 2024, 114.65 million yuan in 2025, and 128.97 million yuan in 2026, with profit growth rates of 139.18%, 14.57%, and 12.48% respectively [3][7]. - The report estimates the diluted EPS to be 0.07 yuan in 2024, 0.08 yuan in 2025, and 0.09 yuan in 2026, with corresponding PE ratios of 55.11, 48.10, and 42.76 [2][3].