UIH(688271) 国信证券·2024-11-07 06:15Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company experienced a loss in Q3 2024 due to a slowdown in market bidding activities, with revenue of 6.71 billion yuan, down 36.94% year-on-year, and a net profit of -2.79 billion yuan in Q3 2024, a decline of 320.57% [1][3] - Despite domestic market pressures, the overseas market showed strong growth, with revenue reaching 1.404 billion yuan, up 36.49% year-on-year, accounting for over 20% of total revenue [2] - Service revenue is growing rapidly, contributing 13.91% to total revenue, driven by an increase in installed equipment [1][2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 69.54 billion yuan, a decrease of 6.43%, and a net profit of 6.71 billion yuan, down 36.94% [1] - The revenue for Q3 2024 was 16.21 billion yuan, a decline of 25.00%, with a net profit of -2.79 billion yuan [1] - The company’s gross margin improved slightly to 49.41%, an increase of 0.74 percentage points, while the sales expense ratio rose to 19.92%, an increase of 3.06 percentage points [2] Revenue Breakdown - Equipment sales revenue for the first three quarters of 2024 was 57.05 billion yuan, down 11.53% year-on-year, while maintenance service revenue grew to 9.67 billion yuan, up 27.27% [1] - Domestic revenue was 55.50 billion yuan, down 13.33% year-on-year, while overseas revenue was 14.04 billion yuan, reflecting strong growth [2] Profit Forecast - The profit forecast for 2024-2026 has been adjusted, with expected revenues of 104.4 billion yuan, 131.6 billion yuan, and 157.3 billion yuan respectively, reflecting a year-on-year growth rate of -8.5%, 26.0%, and 19.6% [3] - The projected net profits for the same period are 14.2 billion yuan, 23.0 billion yuan, and 28.1 billion yuan, with year-on-year growth rates of -28.0%, 62.1%, and 21.9% [3]