JONHON(002179) 兴业证券·2024-11-22 04:58Investment Rating - The report maintains an "Accumulate" rating for the company [1][29]. Core Viewpoints - The company has entered into a strategic partnership with Luoyang Guanglian Fund, providing project exploration and industry analysis support without participating in the fund's capital or management [1][7]. - The company's profit is under short-term pressure, with a revenue of 14.095 billion yuan for the first three quarters of 2024, a year-on-year decrease of 8.23%, and a net profit of 2.513 billion yuan, down 13.15% year-on-year [2][8]. - The company aims to achieve an annual revenue target of 22.1 billion yuan and a profit target of 4.11 billion yuan, requiring significant growth in Q4 2024 [2][27]. - Historical data shows that the net profit in Q4 typically accounts for a lower proportion of the annual total, indicating potential challenges in achieving quarterly targets [3][28]. - Profit forecasts have been adjusted, with expected net profits of 3.439 billion yuan, 4.375 billion yuan, and 5.324 billion yuan for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 25.2, 19.8, and 16.3 times [4][29]. Financial Summary - For the first three quarters of 2024, the company reported a gross margin of 36.61%, a decrease of 2.18 percentage points year-on-year, and a net profit margin of 17.83%, down 1.01 percentage points year-on-year [19]. - The company’s cash flow from operating activities for the first three quarters was 725 million yuan, a year-on-year increase of 75.97% [23]. - As of the end of Q3 2024, accounts receivable totaled 12.939 billion yuan, an increase of 55.16% from the beginning of the year [24].