盈利能力提升，Q3 业绩同比扭亏。前三季度公司毛利率50.19%，同比提高3.75pct，预计与智慧轨交业务大额确收毛利率提升相关。净利率7.95%，同比下降0.98pct，主要受销售网络建设带来的销售费用增长及新产品研发费用的影响。销售费用率/管理费用率/研发费用率分别为18.54%/13.15%/10.85%，分别同比提高0.35pct/0.75pct/-2.81pct。Incident: The company released its 2024 three-quarter report. The company's total revenue for the first three quarters was 0.302 billion yuan, up 22.02% year on year; net profit to mother was 24.34 million yuan, up 1,378% year on year; non-net profit deducted from mother was 19.24 million yuan, up 412% year on year.
Among them, single-quarter revenue for the third quarter was 0.157 billion yuan, up 87.41% year on year; net profit to mother was 38.11 million yuan, up 7503% year on year; non-net profit deducted from mother was 34.11 million yuan, up 1264% year on year. Achieve profit correction during the quarter.
Reviews:
Profitability improved, and Q3 results reversed year-on-year losses. The company's gross profit margin for the first three quarters was 50.19%, an increase of 3.75pct over the previous year. It is expected to be related to the increase in gross margin of the smart rail transit business. The net profit margin was 7.95%, down 0.98 pct from the previous year, mainly affected by the increase in sales expenses due to the construction of the sales network and the cost of developing new products. The sales cost rate/management cost rate/R&D cost ratio were 18.54%/13.15%/10.85%, respectively, up 0.35pct/0.75pct/-2.81 pct year-on-year, respectively.
Continue to increase investment in R&D and improve the sales network layout. During the reporting period, the company invested and deployed in key fields such as industry models, AIGC applications, experimental practical teaching, and educational big data applications to achieve in-depth application of AIGC in education. R&D investment accounted for 12.96%, up 8.31% year on year. The company strengthens the marketing team, improves the layout of the national regional headquarters and sales network, and accelerates the promotion of the national market and sales work. The company's three expenses increased by 18.96 million yuan over the same period last year.
As of the end of September, the company had an order contract value of 0.42 billion yuan.
Continue to strengthen the marketing team and improve the layout of the national regional headquarters and sales network. Accelerating the transformation of the education industry from informatization to digital transformation, the company invigorated markets outside of Beijing and set up six regional headquarters and more than 20 branches and offices across the country, ensuring rapid response and efficient delivery of the company's products and services, and strengthening communication and contacts with local customers and partners.
Investment advice: In 2024-2026, Jingyeda is expected to achieve operating income of 0.556 billion yuan/0.669 billion/ 0.802 billion yuan, a year-on-year growth rate of 35.46%/20.34%/19.92%; realized net profit to mother of 60.85 million/79.85 million/105.64 million yuan, a year-on-year growth rate of 501.25/ 31.23%/32.3%% year-on-year. The 2024-2026 EPS is expected to be 0.37/0.48/0.64 yuan/share, respectively, and the 2024-2026 PE is 85X, 65X, and 49X, respectively.
Risk warning: There are risks such as changes in the macro market environment causing the pace of government procurement to slow down, industry competition is fierce, sales of new products fall short of expectations, slow progress in technology research and development, and lower than expected implementation of education policies