公司第二增长曲线稳步推进，前三季度软件产品及解决方案营收同比增长11.35%，略高于整体营收增速。公司积极开拓多类型客户，为收入增长提供新动力源，报告期内新增法人客户15 家，其中，中小银行/非银金融机构/非金融机构分别新增为5 家/7 家/3家，24 年前三季度营收分别同比增长19.03%/21.73%/32.57%。Brief performance review
On October 28, 2024, the company released its three-quarter report. The first three quarters achieved revenue of 3.436 billion yuan, a year-on-year increase of 10.05%; net profit to mother was 0.226 billion yuan, a year-on-year decrease of 9.34%. Q3 achieved revenue of 1.192 billion yuan, up 8.47% year on year; net profit to mother was 0.106 billion yuan, up 7.15% year on year, setting a new high net profit for the single quarter.
Management analysis
The company's second growth curve progressed steadily. The revenue of software products and solutions increased 11.35% year-on-year in the first three quarters, slightly higher than the overall revenue growth rate. The company actively explores various types of customers and provides a new driving force for revenue growth. During the reporting period, 15 new corporate customers were added. Among them, small and medium-sized banks/non-bank financial institutions/non-financial institutions were added to 5 families, 7 or 3 respectively. Revenue increased 19.03%/21.73%/32.57% year-on-year in the first three quarters of 24, respectively.
Costs and expenses are relatively stable, and cash flow repayment is good. The company's total cost and three fees increased 9.04% year on year, slightly higher than the revenue growth rate. Among them, gross margin decreased slightly by 0.12 pct year on year, and sales/management/R&D expense ratios changed by 0.30 pct/0.51 pct/-0.47 pct year on year, respectively. In terms of cash flow, the company's cash received from sales of goods and services in Q3 increased 17.90% year over year, and net cash flow from operating activities increased 52.71% year over year.
The company is actively promoting the implementation of AI applications, and has officially released an AI large model service platform and four heavyweight products: intelligent testing assistant, intelligent asset management business assistant, and enterprise knowledge assistant. Among them, the large model service platform has highlights such as modular service, adaptation to multiple scenarios, high degree of freedom, visual configuration, acceleration of reasoning, and private deployment. It has various capabilities such as general questioning, information recognition, network search, document generation, and code generation, which can provide users with a one-stop large model service solution.
Profit forecasting
According to the company's three-quarter report, we raised the company's 2024-2026 revenue forecast to 4.704/5.297/5.959 billion yuan, up 10.90%/12.60%/12.50% year on year; net profit forecast to mother was adjusted to 0.336/0.401/0.477 billion yuan, up -3.32%/19.21%/19.15% year on year, corresponding to 28.76x/24.12x/20.25xPE, respectively, maintaining the “buy” rating.
Risk warning
Banks' IT investment falls short of expectations; industry competition increases risks; capital raising falls short of expectations; executives and major shareholders risk reducing their holdings.
