三季度费用率环比提升影响净利润水平。24 年三季度公司实现营业收入14.38 亿元，YoY-15.96%；实现归母净利润0.21 亿元，YoY+59.71%；实现扣非归母净利润0.11 亿元，YoY+743.35%。年初公司对部分业务进行了调整，二、三季度业务调整和成本费用控制效果逐步显现，三季度公司销售、管理、研发费用同比分别下降15.65%、14.61%、17.71%。尽管如此，三季度公司销售、管理、研发费用率环比二季度分别提升6.08、3.76、4.22pct，对三季度利润绝对值造成一定影响。我们认为公司Q3 期间费用率环比提升主要原因系公司三季度加强营销活动投入所致。The company released its quarterly report for the third quarter of '24, and the month-on-month increase in the cost ratio in the third quarter affected the net profit level. The company continues to invest in R&D, continuously consolidates core technical barriers, leads the transformation of the construction industry to digitalization and intelligence, and maintains a “highly recommended” investment rating.
The company released its quarterly report for '24. In the first three quarters of 24, the company achieved operating income of 4.396 billion yuan, YoY -8.03%; realized net profit of 0.213 billion yuan, YoY -18.47%; realized net profit deducted from mother 0.185 billion yuan, YoY -12.96%; achieved net operating cash flow of -0.132 billion yuan, YoY +68.23%.
As of the end of September, the company's contract debt was 2.273 billion yuan, down 14.89% from the beginning of the year, mainly due to a net increase in revenue carried over to deferred service cloud contracts related to SaaS services in the digital cost business during the reporting period. The company's gross profit margin for the first three quarters was 86.21% (+1.17pct year over year). Sales, management, and R&D expense ratios of 26.48%, 22.90%, and 28.89% were achieved in the first three quarters, with year-on-year changes of -2.10, 2.38, and -0.53 pct, respectively.
The month-on-month increase in expense ratios in the third quarter affected the level of net profit. In the third quarter of '24, the company achieved operating income of 1.438 billion yuan, YoY -15.96%; realized net profit of 0.021 billion yuan, YoY +59.71%; realized net profit of 0.011 billion yuan without return to mother, YoY +743.35%. At the beginning of the year, the company made adjustments to some of its businesses. The results of business adjustments and cost control gradually became apparent in the second and third quarters. In the third quarter, the company's sales, management, and R&D expenses decreased by 15.65%, 14.61%, and 17.71%, respectively. Despite this, the company's sales, management, and R&D expenses increased by 6.08, 3.76, and 4.22pct in the third quarter, respectively, compared to the second quarter, which had a certain impact on the absolute profit value of the third quarter. We believe that the main reason for the month-on-month increase in the company's expense ratio during the Q3 period was due to the company's increased investment in marketing activities in the third quarter.
Maintain high investment in R&D over a long period of time and continuously refine the core competitiveness of products. Since 2021, the company's R&D expenditure rates have been 23.73%, 22.99%, 28.87%, and 28.89% (24Q3), respectively. The company has continued to invest in R&D and continuously consolidate core technical barriers. During the reporting period, the company released AecGPT, an AI model for the construction industry, and the AI platform for the construction industry, marking phased progress in AI empowering the digital development of the construction industry. As a leading digital construction platform service provider, the company is committed to leading the construction industry towards digitalization and intelligence through innovative technology and solutions.
Maintain a “Highly Recommended” investment rating. The company was adjusted to achieve operating income of 6.235, 7.083, and 8.167 billion yuan in 24-26, and net profit to mother to 0.478, 0.804, and 0.961 billion yuan. The corresponding PE was 51.5, 30.6, and 25.6 times, respectively, to maintain a “highly recommended” investment rating.
Risk warning: The number of new starts has declined, and the progress of new business has fallen short of expectations.
