Megmeet(SZ:002851) Tai Ping Yang·2024-11-17 12:36Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [12]. Core Views - The company has shown a significant increase in R&D investment, with R&D expenses reaching 696 million, a year-on-year increase of 33.22%, maintaining a stable R&D expense ratio of around 11% [3][6]. - The company has gained recognition from top international clients in the server power supply sector, marking a milestone in its technological capabilities [3][6]. - The financial performance for the first three quarters of 2024 shows a revenue of 5.903 billion, a year-on-year increase of 21.06%, while the net profit attributable to shareholders decreased by 14.82% to 411 million [3][6]. Financial Summary - For the first three quarters of 2024, the company reported a revenue of 5.903 billion, with a net profit of 411 million, and a non-GAAP net profit of 363 million, reflecting an 18.10% year-on-year increase [3][6]. - The Q3 2024 revenue was 1.892 billion, a year-on-year increase of 19.02%, while the net profit attributable to shareholders was 97 million, a year-on-year increase of 3.86% [3][6]. - The projected revenues for 2024-2026 are 81.82 billion, 103.32 billion, and 133.63 billion, with respective year-on-year growth rates of 21.14%, 26.28%, and 29.34% [3][6].