理工能科：电力造价软件龙头，第二增长曲线有望逐步兑现

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][4]. Core Views - The company is a leader in power cost software and is expected to gradually realize its second growth curve due to increasing demand for its new generation oil chromatograph products and stable growth in distribution network investments [3][4]. - The company achieved a total operating revenue of 611 million yuan in the first three quarters of 2024, a year-on-year increase of 0.25%, while the net profit attributable to shareholders increased by 39.41% to 187 million yuan [2][3]. - The sales gross margin improved to 68.93%, up 4.04% year-on-year, indicating enhanced operational efficiency [3]. Financial Performance - In Q3 2024, the company reported an operating revenue of 207 million yuan, a decrease of 23.02% year-on-year, and a net profit of 44 million yuan, down 30.41% year-on-year [3]. - For the first three quarters of 2024, the net profit attributable to shareholders was 187 million yuan, reflecting a 39.41% increase year-on-year, with a basic EPS of 0.52 yuan per share, up 44.44% [2][3]. - The company is projected to achieve net profits of 345 million yuan, 447 million yuan, and 550 million yuan for the years 2024, 2025, and 2026, respectively [4][5]. Market Data - As of October 24, 2024, the company's stock price is 14.92 yuan, with a market capitalization of approximately 5.66 billion yuan [3][6]. - The company has a high market share in the power cost software sector, with a gross margin consistently above 90% [3][4]. Growth Potential - The new generation oil chromatograph products are expected to benefit from increased demand, particularly in the ultra-high voltage sector, which will contribute to the company's second growth curve [3][4]. - The company has a stable customer base and a solid position in the power cost software market, which is anticipated to grow due to the comprehensive implementation of pricing systems in various energy sectors [3][4].