INESA-it(600602) 东吴证券·2024-10-27 06:01Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a revenue of 4.012 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 8.25%. The net profit attributable to the parent company is 158 million yuan, with a year-on-year increase of 1.22%. The non-recurring net profit attributable to the parent company is 138 million yuan, showing a significant year-on-year growth of 39% [1][2] - The company is positioned as a leader in the public data element industry in Shanghai and is expected to benefit significantly from the recent policy developments aimed at accelerating the utilization of public data resources [2] - The company is actively involved in the construction of the Shanghai Intelligent Computing Center, which is expected to enhance its performance as the demand for intelligent computing power surges [2] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 1.122 billion yuan, a decrease of 7% year-on-year, and a net profit of 45 million yuan, down 29% year-on-year. However, the non-recurring net profit increased by 223% year-on-year, primarily due to non-recurring gains from the previous year [1][2] - The company's revenue forecast for 2024-2026 is set at 6.002 billion yuan, 6.774 billion yuan, and 7.590 billion yuan respectively, with year-on-year growth rates of 14.03%, 12.87%, and 12.04% [1][8] - The net profit attributable to the parent company is projected to be 215 million yuan, 238 million yuan, and 263 million yuan for 2024-2026, with growth rates of 11.47%, 10.63%, and 10.36% respectively [1][8] Market Position and Strategy - The company is the only digital enterprise under the Shanghai State-owned Assets Supervision and Administration Commission, positioning it to deeply engage in the operation of public data in Shanghai [2] - The company is also involved in the construction of the Yidian Intelligent Computing Center, which is part of a broader initiative to establish a national integrated computing power system [2]