CLOUDWALK(SH:688327)2024-11-08 12:47Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is currently undergoing a strategic structural optimization period, which has led to a decrease in new orders and a significant drop in revenue for Q3 2024, with revenue at 106 million yuan, down 41.84% year-on-year [5] - The company is focusing on high-quality customer selection and premium product concentration, which has impacted the scale of new orders [6] - Despite the current challenges, the company has a strong foundation in AI technology and industry experience, with expectations for performance acceleration post-strategic adjustment [6] Financial Summary - For Q3 2024, the company reported a net profit of -1.52 billion yuan, compared to -0.98 billion yuan in the same period last year [5] - Revenue forecasts for 2024-2026 have been revised down to 706 million, 1.027 billion, and 1.411 billion yuan respectively, from previous estimates of 803 million, 1.221 billion, and 1.609 billion yuan [6] - The net profit forecasts for the same period have also been adjusted to -5.12 billion, -4.16 billion, and -3.16 billion yuan, down from -4.59 billion, -3.52 billion, and -2.75 billion yuan [6] Business Strategy - The company is strategically adjusting its focus from smart governance to high-growth potential areas such as digital government, while expanding in financial services and AI innovation [10] - Collaborations with major partners like Huawei are ongoing, with multiple large-scale benchmark projects secured, including AI platforms and banking solutions [10]