Jointown(600998) 申万宏源·2024-10-29 03:10Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [3][6]. Core Insights - The company's Q3 performance showed a recovery with a year-on-year revenue increase of 3.57%, and a net profit increase of 1.64%, aligning with expectations [3][4]. - The total brand promotion business (CSO) has become a significant growth driver, achieving a sales revenue of 14.12 billion yuan, a year-on-year increase of 18%, with a notable 30.14% growth when excluding seasonal impacts [4][5]. - The company is progressing well with its public REITs and Pre-REITs projects, which are expected to enhance its financial metrics significantly, potentially adding up to 16 billion yuan to net profit if both projects are completed [5][6]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 1134.29 billion yuan, a slight decrease of 0.82% year-on-year, and a net profit of 16.96 billion yuan, down 6.99% year-on-year [3][7]. - The company forecasts a net profit of 22.16 billion yuan for 2024, down from a previous estimate of 33.51 billion yuan, with projected profits of 25.37 billion yuan and 29.61 billion yuan for 2025 and 2026, respectively [6][7]. - The current market capitalization is 265 billion yuan, with a target market value of 346 billion yuan, indicating a potential upside of 30.63% based on comparable company valuations [6][7].