恒拓开源：三季度营收增长弱于民航业整体表现

Investment Rating - The report does not provide a specific investment rating for the company [11]. Core Insights - The company, 恒拓开源, reported a revenue of 117 million yuan for the first three quarters of 2024, reflecting a year-on-year decrease of 4.48%. The net profit attributable to shareholders was 10.17 million yuan, down 8.43% year-on-year [4]. - The company operates in the civil aviation safety software sector and serves as a reliable alternative to foreign software providers like Sabre and Jeppesen. Its business segments include aviation and other industries such as healthcare, automotive, and government [11]. - In Q3, the company achieved a revenue of 35.69 million yuan, a decline of 15.94% year-on-year, while the overall civil aviation industry in China maintained a growth momentum with a 27.4% increase in total transport turnover [11]. - The gross margin for Q3 was 49.06%, showing a significant improvement of 16.12 percentage points year-on-year and 3.77 percentage points quarter-on-quarter [11]. - The company completed a change in actual control in August 2024, transferring control to Jiang Hailin, CEO of China Intelligent Transportation, which is expected to enhance the company's operational management and leverage resources in the smart aviation sector [12]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 117 million yuan, down 4.48% year-on-year, and a net profit of 10.17 million yuan, down 8.43% year-on-year. The net profit after deducting non-recurring gains and losses was 3.17 million yuan, a slight increase of 0.08% year-on-year [4]. - Management expenses increased by 5.5% year-on-year to 34.16 million yuan, while R&D expenses rose by 14.52% to 8.79 million yuan. Investment income surged by 40.4% to 9.75 million yuan due to gains from the disposal of financial assets [5]. Market Position - The company is positioned as a key player in the civil aviation safety software market, with its services spanning software development, system integration, and operational services [11]. - The company’s revenue growth has lagged behind the overall civil aviation industry, which has shown robust growth in recent months [11]. Strategic Developments - The change in actual control to China Intelligent Transportation is anticipated to strengthen the company's market position and operational capabilities in the smart aviation and low-altitude economy sectors [12].