TODAYTEC(300743) Guoyuan Securities·2024-11-12 07:15Investment Rating - The investment rating for the company is "Buy" and is maintained [1][6]. Core Views - The company has achieved rapid growth in performance, with significant increases in both revenue and profitability. In the first three quarters of 2024, the company reported operating revenue of 555 million yuan, a year-on-year increase of 19.87%, and a net profit attributable to shareholders of 74 million yuan, up 85.49% year-on-year [4]. - The company has completed the full acquisition of two European companies, enhancing its localization efforts in Europe. The acquisitions are expected to strengthen the company's local team and improve its market presence in Europe [5]. - An employee stock ownership plan has been implemented to incentivize key personnel, reflecting the company's confidence in sustained future growth [5]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross profit margin of 34.93%, up from 30.25% in the same period last year [4]. - The company forecasts operating revenues of 776 million, 908 million, and 1.047 billion yuan for 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is projected to be 93 million, 124 million, and 154 million yuan for the same years [6][10]. - The earnings per share (EPS) are expected to be 0.61, 0.81, and 1.00 yuan for 2024, 2025, and 2026, with corresponding price-to-earnings (P/E) ratios of 28.54, 21.44, and 17.30 [6][10]. Market Position and Strategy - The company is a leading player in the thermal transfer ribbon sector, with a strong competitive advantage and significant growth potential in the global market [6]. - The strategic acquisitions and employee incentives are part of a broader strategy to enhance operational capabilities and market reach, particularly in Europe [5][6].