Nsfocus(300369) 浙商证券·2025-01-22 08:45Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company is expected to achieve a revenue of 2.26-2.46 billion yuan in 2024, representing a year-on-year growth of 34.46%-46.36%, while the net profit attributable to shareholders is projected to be a loss of 290-390 million yuan, indicating a significant reduction in losses [1] - The company has set ambitious performance targets for its stock incentive plan, aiming for revenue of no less than 2.35 billion yuan in 2024, 2.53 billion yuan in 2025, and 2.74 billion yuan in 2026, with a positive net profit in 2025 [2] - The company has improved its cash flow management, achieving a positive operating cash flow of 90 million yuan in the first three quarters of 2024, a year-on-year increase of 138.1% [3] - Revenue forecasts for 2024-2026 have been adjusted to 2.37 billion, 2.58 billion, and 2.75 billion yuan respectively, with net profits projected at -301 million, 11 million, and 78 million yuan [4] Summary by Sections Revenue and Profit Forecast - The company anticipates a revenue of 2.37 billion yuan in 2024, a 41% increase from 2023, with a projected net loss of 301 million yuan [5] - For 2025, revenue is expected to reach 2.58 billion yuan, with a turnaround to a net profit of 11 million yuan, and in 2026, revenue is forecasted at 2.75 billion yuan with a net profit of 78 million yuan [5] Financial Performance - The company reported a significant improvement in operating cash flow, turning from negative to positive, with a net cash flow of 90 million yuan in the first three quarters of 2024 [3] - The gross margin is expected to improve from 46.15% in 2023 to 56.16% by 2026, indicating enhanced profitability [10] Stock Performance and Market Position - The company's stock closed at 6.85 yuan, with a total market capitalization of approximately 5.48 billion yuan [6] - The company is focusing on key industries and clients to enhance revenue conversion rates, which is expected to support its growth trajectory [2]