泰坦科技：2024年三季报点评：业绩承压，静待拐点

Investment Rating - Strong Buy (Maintained) with a target price of 31 CNY [1] Core Views - The company's performance is under pressure due to declining gross margins and weakened downstream demand, with a significant drop in net profit [1][2] - Despite short-term challenges, the scientific services industry has a bright future, driven by China's innovation-driven strategy and the potential for domestic growth in the sector [2] - The company continues to invest in R&D, focusing on product and platform technologies to enhance its core capabilities [2] Financial Performance Summary - Revenue: 2,126 million CNY in the first three quarters of 2024, a year-on-year increase of 3.49% [1] - Net Profit: 10 million CNY in the first three quarters of 2024, a year-on-year decrease of 86.49% [1] - Q3 2024 Revenue: 729 million CNY, a year-on-year increase of 0.48% [1] - Q3 2024 Net Profit: 5 million CNY, a year-on-year decrease of 78.48% [1] - Gross Margin: 19.57% in the first three quarters of 2024, down 3.87 pct year-on-year [2] - R&D Expenses: 114 million CNY in the first three quarters of 2024, with continued investment in product and platform technologies [2] Industry Outlook - The scientific services industry is crucial for China's innovation-driven strategy and industrial upgrading, offering significant growth potential despite the late start compared to developed countries [2] - The industry covers a wide range of applications, providing ample opportunities for domestic scientific service providers [2] Valuation and Forecast - 2024-2026 Net Profit Forecast: 20 million CNY, 70 million CNY, and 133 million CNY, with year-on-year changes of -73%, 258%, and 90% respectively [2] - PE Ratio: 198x for 2024, 55x for 2025, and 29x for 2026 [2] - PS Valuation: 1.7x PS for 2025, with a target market cap of 5 billion CNY and a target price of 31 CNY [2] Financial Ratios and Metrics - Revenue Growth: 2.1% in 2024, 6.3% in 2025, and 12.4% in 2026 [6] - Net Profit Growth: -73.1% in 2024, 257.8% in 2025, and 89.7% in 2026 [6] - Gross Margin: 20.4% in 2024, 21.5% in 2025, and 23.1% in 2026 [6] - Net Margin: 0.7% in 2024, 2.4% in 2025, and 4.1% in 2026 [6] - ROE: 0.7% in 2024, 2.4% in 2025, and 4.4% in 2026 [6]