Runjian (002929) 光大证券·2024-11-21 01:49Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance in the first three quarters of 2024 has been under pressure, with revenue of 6.548 billion yuan, a year-on-year decrease of 3.01%, and a net profit attributable to shareholders of 290 million yuan, down 27.63% year-on-year [1] - The decline in net profit is primarily due to project revenue recognition delays and fixed costs not decreasing proportionately, alongside increased R&D and operational expenses related to AI and computing power applications [1] - The computing power network business has seen rapid growth, while the communication network business remains stable, and both digital and energy network businesses have experienced declines [1][2] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 2.124 billion yuan, a year-on-year decrease of 1.55%, and a net profit of 54 million yuan, down 53.37% year-on-year [1] - The adjusted net profit forecasts for 2024 and 2025 are 357 million yuan and 459 million yuan, respectively, reflecting a reduction of 45% and 46% [3] Business Growth and Strategy - The company is focusing on enhancing its computing power network business, establishing a collaborative ecosystem with major clients, and has made significant investments in AI capabilities [2] - The "One City, One Computing Power" strategy has led to the rapid expansion of computing management and operation services, with successful implementations at national supercomputing centers [2] - AI technologies are being integrated across various business segments, improving operational efficiency and reducing costs in areas such as communication and renewable energy [3] Valuation and Future Outlook - The company is expected to benefit from its AI strategic development, with significant market potential in computing services, and the three main business segments are anticipated to gain from AI integration [3] - The projected P/E ratios for 2024, 2025, and 2026 are 24X, 18X, and 14X, respectively, indicating a potential recovery in fundamentals [3]