SPM(601900) 国海证券·2024-11-06 10:26Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Insights - The company reported a slight year-on-year revenue growth of 2.71% in Q3 2024, with total revenue reaching 2.454 billion yuan. However, the net profit attributable to shareholders decreased by 14.63% year-on-year to 230 million yuan [1]. - The company is expected to face performance pressure in 2024 due to tax policy impacts, but it is actively embracing AI and new business models, which may lead to stable growth in the future [2]. - Revenue forecasts for 2024-2026 are projected at 9.923 billion yuan, 10.697 billion yuan, and 11.557 billion yuan respectively, with net profits expected to be 876 million yuan, 954 million yuan, and 1.048 billion yuan respectively [2]. Revenue Summary - For the first three quarters of 2024, the company achieved total revenue of 6.478 billion yuan, reflecting a year-on-year increase of 0.49%. The gross profit was 2.202 billion yuan, with a gross margin of 33.99%, up by 2.36 percentage points year-on-year [1]. - In Q3 2024, the company’s revenue was 2.454 billion yuan, showing a quarter-on-quarter increase of 26.70% and a year-on-year increase of 2.71%. The gross profit for this quarter was 825 million yuan, with a gross margin of 33.61% [1]. Profit Summary - The net profit attributable to shareholders for the first three quarters of 2024 was 529 million yuan, down 22.24% year-on-year. The net profit for Q3 2024 was 230 million yuan, which is a 56.66% increase quarter-on-quarter but a 14.63% decrease year-on-year [1]. - The report indicates that the total profit for Q3 2024 was 345 million yuan, representing a year-on-year increase of 16.80%, primarily due to a decrease in sales expense ratio and an increase in other income [1]. Market Performance - As of November 5, 2024, the company's stock price was 14.14 yuan, with a 52-week price range of 9.30 to 18.58 yuan. The company's performance relative to the CSI 300 index was -3.7% over one month, +23.6% over three months, and -1.9% over twelve months [1].