Sharetronic(300857) 国盛证券·2024-11-05 10:33Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company has demonstrated robust revenue growth, achieving a total revenue of 5.395 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 67.11%. The net profit attributable to shareholders reached 557 million yuan, up 184.46% year-on-year [1]. - The company is expanding its computing power business, which is expected to open new growth opportunities. It has signed multiple cloud service cooperation agreements with leading clients, laying a solid foundation for its global strategy [3]. - The AIOT terminal segment has seen a continuous increase in high-margin product sales, and the overseas smart security business is gaining a larger share. The V-SaaS video cloud service is also experiencing significant user growth and an increase in ARPU [2]. Financial Summary - For 2024, the company is projected to achieve revenues of 8.086 billion yuan, with a year-on-year growth rate of 73.6%. The net profit is expected to reach 790 million yuan, reflecting a growth rate of 174.8% [4]. - The overall gross margin for Q3 2024 was reported at 18.62%, an increase of 5.47 percentage points year-on-year, indicating a significant improvement in profitability [2]. - The company's earnings per share (EPS) is projected to grow from 1.17 yuan in 2023 to 3.22 yuan in 2024, with a net asset return rate expected to rise to 24.6% in 2024 [4][12].