QuantumCTek(SH:688027)2024-11-06 10:27Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its long-term development potential and competitive technology [4]. Core Views - The company reported a revenue of 1.0 billion yuan for Q3 2024, a year-on-year increase of 36.10%, while the net profit attributable to shareholders was -0.55 billion yuan, with losses narrowing by 30.33% compared to the previous year [1]. - The gross margin for the first three quarters reached 56.94%, reflecting a year-on-year increase of 6.32 percentage points, indicating strong operational efficiency [1]. - The company is advancing its secure communication backbone network and metropolitan area network construction, which is expected to improve performance [2]. - The quantum communication segment accounted for approximately 50% of total revenue, with the encryption industry chain gradually becoming complete and ready for initial commercial use [1][2]. - The company has signed a strategic cooperation agreement with China Telecom to promote the "Quantum + 5G" technology solution, significantly enhancing the progress of metropolitan network construction [1][2]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 1.86 billion yuan, 2.34 billion yuan, and 3.06 billion yuan, respectively, with corresponding price-to-sales (PS) ratios of 114.87x, 91.38x, and 69.92x [2][3]. - The net profit forecast for 2024 is 9.48 million yuan, with significant profit growth expected in subsequent years, reaching 40.19 million yuan by 2026 [3][8]. - The gross margin is expected to improve to 60.10% in 2024 and stabilize at 60.50% in the following years [3][8].