YUNDA Corp.(002120) 华创证券·2024-10-30 22:42Investment Rating - The report assigns a "Recommended" rating to the company, indicating an expected outperformance of the benchmark index by 10%-20% over the next six months [1][4]. Core Insights - The company reported a Q3 net profit of 370 million yuan, representing a year-on-year increase of 24.3%. The revenue for Q3 was 12.26 billion yuan, up 8.8% year-on-year, with a non-recurring net profit of 34 million yuan, reflecting an 88.4% increase [1][2]. - For the first three quarters, the company achieved a total revenue of 35.51 billion yuan, a year-on-year growth of 8.1%, and a net profit of 1.41 billion yuan, also up 20.9% year-on-year [1][3]. - The report highlights the company's continuous improvement in operational efficiency, with a significant reduction in costs and expenses, contributing to enhanced profitability [2][3]. Financial Performance Summary - Q3 revenue: 12.26 billion yuan, up 8.8% YoY; Q3 net profit: 370 million yuan, up 24.3% YoY; Q3 non-recurring net profit: 34 million yuan, up 88.4% YoY [1][2]. - For the first three quarters, total revenue reached 35.51 billion yuan, with a net profit of 1.41 billion yuan, both showing positive growth [1][3]. - The company’s single-ticket revenue for Q3 was 1.99 yuan, down 10.4% YoY, while the single-ticket non-recurring net profit increased by 52% YoY to 0.056 yuan [2][3]. Business Volume and Market Share - The company’s business volume growth for the first three quarters was 27.7%, outperforming the industry average of 22.0% [1][2]. - In Q3, the company maintained a market share of 13.8%, ranking second in the industry, with competitors showing varied growth rates [1][2]. Profitability Forecast - The report adjusts the profit forecast for 2024-2026, estimating net profits of 1.96 billion, 2.38 billion, and 2.78 billion yuan respectively, with corresponding EPS of 0.68, 0.82, and 0.96 yuan [2][3]. - The target price for the company is set at 10.69 yuan, indicating a potential upside of approximately 27% from the current price of 8.41 yuan [2][4].