京北方：客户版图加速扩张，积极推进AI落地

Investment Rating - The report maintains a "Buy" rating for the company, with an expected revenue growth of 10.90% for 2024 and a projected PE ratio of 28.76x [5]. Core Insights - The company reported a revenue of 3.436 billion RMB for the first three quarters of 2024, representing a year-on-year growth of 10.05%. However, the net profit attributable to shareholders decreased by 9.34% to 226 million RMB [2]. - In Q3 alone, the company achieved a revenue of 1.192 billion RMB, up 8.47% year-on-year, with a net profit of 106 million RMB, marking a 7.15% increase and a new quarterly high for net profit [2]. - The company is actively expanding its second growth curve, with software products and solutions revenue growing by 11.35% year-on-year, slightly above the overall revenue growth rate [3]. - The company has added 15 new corporate clients during the reporting period, with significant revenue growth from small and medium banks, non-bank financial institutions, and non-financial institutions [3]. - The company is advancing its AI applications, having launched an AI large model service platform and several key products, which are expected to enhance its service offerings [4]. Summary by Sections Performance Review - For the first three quarters of 2024, the company achieved a revenue of 3.436 billion RMB, a 10.05% increase year-on-year, while the net profit attributable to shareholders was 226 million RMB, down 9.34% [2]. - In Q3, the revenue reached 1.192 billion RMB, an 8.47% increase year-on-year, with a net profit of 106 million RMB, up 7.15% [2]. Operational Analysis - The second growth curve is progressing steadily, with software products and solutions revenue increasing by 11.35% year-on-year, slightly above the overall revenue growth [3]. - The company has successfully added 15 new corporate clients, with revenue growth rates of 19.03%, 21.73%, and 32.57% from small and medium banks, non-bank financial institutions, and non-financial institutions, respectively [3]. - Cost and expense growth was stable at 9.04%, slightly above revenue growth, with a slight decline in gross margin [3]. Profitability Forecast - The revenue forecast for 2024-2026 has been adjusted to 47.04 billion RMB, 52.97 billion RMB, and 59.59 billion RMB, with year-on-year growth rates of 10.90%, 12.60%, and 12.50% respectively [5]. - The net profit forecast for the same period is adjusted to 336 million RMB, 401 million RMB, and 477 million RMB, with growth rates of -3.32%, 19.21%, and 19.15% respectively [5].