Primeton(SH:688118) Minsheng Securities·2024-11-06 16:49Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [2][4]. Core Views - The company reported a net profit of -0.69 billion yuan for the first three quarters of 2024, compared to -0.40 billion yuan in the same period last year. The net profit for Q3 2024 was -8.15 million yuan, slightly improved from -8.33 million yuan in Q3 2023. Revenue for Q3 2024 was 73.31 million yuan, a decrease of 34.74% year-on-year due to strategic reductions in non-core business areas [2]. - The company showcased its collaboration with Huawei at the Huawei Connect 2024 event, emphasizing its role as a key partner in the telecommunications, finance, and e-government sectors. The company is recognized for its full-stack middleware product system and enterprise-level low-code capabilities, which have been validated through partnerships with Huawei [2]. - The company is deepening its engagement in the data element market, with its data asset management platform receiving national-level certification for software quality. This platform aims to standardize and manage enterprise data assets, supporting digital transformation initiatives [2]. Financial Summary - The company forecasts net profits of 0.02 billion yuan, 0.57 billion yuan, and 0.80 billion yuan for the years 2024, 2025, and 2026, respectively. The current market valuation corresponds to P/E ratios of 1196, 39, and 28 for the same years [2][5]. - Revenue for 2024 is projected to be 481 million yuan, with a growth rate of -16.29%. The net profit is expected to improve significantly to 57 million yuan in 2025, reflecting a growth rate of 2936.81% [5][6].