石基信息：业绩保持稳定，推进降本增效

Investment Rating - The report maintains an "Increase" rating for the company [1][3]. Core Insights - The company achieved a revenue of 2.016 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 8.46%. The net profit attributable to shareholders was 16 million yuan, up 10.16% year-on-year, while the non-recurring net profit surged by 123.91% to 12 million yuan [2][3]. - In Q3 2024, the company reported a revenue of 634 million yuan, a decline of 3.64% year-on-year, with a net loss of 9 million yuan. The decline in revenue was primarily due to a significant drop in third-party hardware income and many projects not yet reaching completion status [2][3]. - The company signed a benchmark project with the Kempinski Hotel Group, providing a new generation of cloud-based hotel information management systems and payment solutions, which is expected to enhance its market presence [3]. Financial Summary - For 2024-2026, the forecasted net profit attributable to shareholders is expected to be 51 million yuan, 151 million yuan, and 269 million yuan respectively, indicating a strong growth trajectory [3]. - The company’s gross margin for Q3 2024 improved to 48.96%, with a year-on-year increase of 3.90 percentage points and a quarter-on-quarter increase of 5.64 percentage points [2][3]. - The company is focusing on cost reduction and efficiency improvement, with a notable improvement in cash flow, reducing the net cash flow from operating activities to -22 million yuan from -122 million yuan year-on-year [7].