2024 年前三季度公司实现营业收入3.27 亿元，同比下滑3.21%；实现归母净利润5151.05 万元，同比增长344.55%；实现扣非归母净利润4768.24 万元，同比增长1363.33%。其中，Q3 单季度实现营业收入9289.95 万元，同比下滑22.22%；实现归母净利润1227.24 万元，同比增长146.34%；实现扣非归母净利润1074.83万元，同比增长203.31%。前三季度公司净利润快速增长，得益于（1）重点行业客户业务需求逐步复苏，公司产品品类进一步拓展；（2）人工智能板块带来新的业务增量；（3）公司注重提高签约合同质量，毛利率同比提升7.23 个百分点，同时公司提升运营管理效率，降本增效，期间费用同比下降，销售费用率、管理费用率、研发费用率分别同比下降0.95、0.92、1.22 个百分点；（4）“淳中转债”于 2024 年 4 月完成转股和强赎，相应减少了债券利息费用，公司财务费用率同比下降2.3 个百分点。A leading domestic provider of display control system equipment and solutions, maintaining a “buy” rating
We maintain the company's 2024-2026 net profit forecast of 0.13, 0.172, and 0.224 billion yuan, EPS of 0.64, 0.85, and 1.11 yuan/share, respectively. The current stock price corresponds to PE 53.4, 40.3, and 30.9 times, respectively. Considering the company's good position in the field of AI computing, we maintain a “buy” rating.
Net profit grew rapidly, and the results of improving quality and efficiency were remarkable
In the first three quarters of 2024, the company achieved operating income of 0.327 billion yuan, a year-on-year decrease of 3.21%; realized net profit of 51.5105 million yuan, an increase of 344.55% over the previous year; realized net profit deducted from non-mother of 47.6824 million yuan, an increase of 1363.33% over the previous year. Among them, Q3 achieved operating income of 92.8995 million yuan in a single quarter, a year-on-year decrease of 22.22%; realized net profit to mother of 12.2724 million yuan, an increase of 146.34% year on year; realized net profit deducted from mother of 10.7483 million yuan, an increase of 203.31% year on year. The company's net profit grew rapidly in the first three quarters, thanks to (1) the gradual recovery of customer business demand in key industries and further expansion of the company's product categories; (2) the artificial intelligence sector brought new business growth; (3) the company focused on improving the quality of contracts, and gross margin increased 7.23 percentage points year on year. At the same time, the company improved operation management efficiency, cost reduction and efficiency. The period expenses decreased by 0.95, 0.92, and 1.22 percentage points year on year, respectively; (4) “Chun Transfer Bonds” in April 2024 Stock conversion and strong redemption were completed, and interest charges on bonds were reduced accordingly, and the company's financial expenses ratio decreased by 2.3 percentage points year on year.
Cooperate with Company N to achieve a breakthrough of 0 to 1, and look forward to rapid growth of 1 to N in the future
The company has obtained Company N's Vendor Code. The main business connected with Company N is a testing and testing platform for various products. The products currently connected include: liquid cooling test platforms, AI-based testing platforms, various test boards, etc. 2024H1's AI product revenue was 15.3894 million yuan, achieving a breakthrough from 0 to 1. Company N's business revenue increased month-on-month, and the company's products supplied to Company N in the third quarter included new iterative products. With the rapid iteration of Company N's products, the range of products adapted to the company continues to increase, and the steady growth of PO orders will also inject new momentum into the company's performance improvement.
Risk warning: risk of increasing raw material procurement costs; intensification of industry competition; risk of brain drain.
