Sansec(688489) 华创证券·2024-11-07 11:34Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][13]. Core Views - The company achieved a revenue of 255 million yuan in the first three quarters of 2024, representing a year-on-year growth of 7.81%. However, the net profit attributable to shareholders decreased by 64.33% to 14.16 million yuan, with a significant drop in non-recurring net profit by 90% [1]. - The company is increasing its investment in research and sales despite short-term performance pressures, with a third-quarter revenue of 85.33 million yuan, down 35.66% year-on-year, and a net profit of 452,600 yuan, down 98.47% [1]. - The company launched a new generation of anti-quantum password products and a white paper on anti-quantum password technology, marking a significant step in addressing security needs in the quantum era [1]. - The planned acquisition of Jiangnan Tianan aims to enhance the company's capabilities in commercial password products and services, potentially enriching its product matrix and accelerating business growth [1]. - Revenue projections for 2024-2026 are estimated at 453 million, 596 million, and 763 million yuan, with net profits of 76 million, 116 million, and 134 million yuan respectively. The target price is set at approximately 50.5 yuan based on a 50x PE ratio for 2025 [1][2]. Financial Summary - For 2023, total revenue is projected at 359 million yuan, with a year-on-year growth rate of 5.5%. The net profit is expected to be 67 million yuan, reflecting a decline of 37.2% [2]. - The company’s gross margin for the first three quarters of 2024 was 75.64%, an increase of 3.01 percentage points year-on-year. Research and development expenses accounted for 31.89% of revenue, while sales and management expenses were 34.41% and 13.31%, respectively [1]. - The company’s total assets are estimated at 2.079 billion yuan for 2023, with a debt-to-asset ratio of 9.07% [3].