启明星辰：重点领域增长可观，创新成果显现

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company experienced a revenue decline of 8.19% year-on-year in the first three quarters of 2024, with a net loss attributable to shareholders of 210 million yuan compared to a profit of 241 million yuan in the same period last year [4] - Significant growth was observed in key areas, with revenues from trusted computing security increasing nearly 30% year-on-year and cloud security revenues growing over 70%. Transactions with China Mobile reached 746 million yuan, an increase of 80.04% [4] - The company is focusing on cost reduction and efficiency improvement, with a nearly 10% decrease in overall expenses in the first three quarters of 2024. Cash reserves are robust at 4.318 billion yuan [5] - The establishment of a cloud security R&D center has led to the launch of 116 cloud security products on the mobile cloud marketplace, showcasing innovation and capability enhancement [5] - Profit forecasts for 2024-2026 are set at 764 million, 884 million, and 1.011 billion yuan respectively, indicating a positive outlook [5] Financial Summary - For 2023, the company reported revenues of 4.507 billion yuan, with a projected increase to 4.952 billion yuan in 2024, reflecting a year-on-year growth of 9.9% [3] - The gross profit margin is expected to improve from 57.8% in 2023 to 58.9% by 2026 [3] - The return on equity (ROE) is projected to rise from 6.2% in 2023 to 5.8% in 2026, indicating a gradual recovery [3]