Sansec(SH:688489) INDUSTRIAL SECURITIES·2024-11-16 23:58Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. 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 million yuan, and the net profit after deducting non-recurring items fell by 90% to 3 million yuan [1][2]. - Project delivery and acceptance delays have put short-term pressure on performance, with Q3 2024 revenue dropping 35.66% year-on-year to 85 million yuan, and net profit attributable to shareholders down 98.47% to 452,600 yuan [1][2]. - Increased R&D investment has led to a year-on-year improvement in gross margin, which reached 75.64%, up 3.01 percentage points [2]. - The acquisition of Jiangnan Tianan enhances the company's cloud password layout, with the company investing 172 million yuan from its own funds and 90 million yuan from oversubscription funds to acquire 81.82% of Jiangnan Tianan [2]. - The company expects net profits attributable to shareholders to be 91 million yuan, 112 million yuan, and 137 million yuan for 2024, 2025, and 2026, respectively [2]. Financial Summary - For 2024E, the company forecasts revenue of 457 million yuan, a year-on-year growth of 27.5%, and a net profit of 91 million yuan, reflecting a year-on-year increase of 35.7% [4]. - The gross margin is projected to be 72.2% in 2024E, slightly down from 73.2% in 2023 [4]. - The return on equity (ROE) is expected to improve from 3.5% in 2023 to 4.6% in 2024E [4].