Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [5][7]. Core Insights - The company reported a revenue of 22.2 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 73.1%. The net profit attributable to shareholders was 75.94 million yuan, down 78.4% year-over-year [5][6]. - In Q3 2024, the company achieved a revenue of 9.68 billion yuan, a significant year-over-year increase of 127.8%, with a net profit of 230 million yuan, up 53.8% year-over-year [5][6]. - The growth in revenue was driven by both software and hardware segments, with notable demand from clients like Huawei and increased sales of gaming PCs [5][7]. - The company's gross margin for Q3 2024 was 11.9%, showing a slight decline due to the higher growth rate in hardware sales, which typically have lower margins [5][6]. - The integration of software and hardware capabilities, along with advancements in their operating systems and AI products, is expected to support long-term growth [7]. Financial Summary - The total revenue for 2023 was 17.58 billion yuan, with projections of 28.96 billion yuan for 2024, reflecting a growth rate of 64.7% [4][9]. - The net profit for 2024 is projected to be 699 million yuan, with an expected increase to 1.08 billion yuan by 2026 [4][9]. - The company’s operating cash flow showed a net outflow of 770 million yuan for the first three quarters of 2024, attributed to rapid growth in both software and hardware businesses [6][7].
软通动力：收入超预期增长，鸿蒙+算力持续发力