ECC(600850) 民生证券·2024-10-30 23:08Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Viewpoints - The company has achieved revenue and profit growth in the first three quarters of 2024, with total revenue reaching 7.1 billion yuan, a year-on-year increase of 2.49%, and net profit attributable to shareholders of 302 million yuan, up 8.76% year-on-year [2]. - The financial performance in the third quarter shows a total revenue of 2.587 billion yuan, a decrease of 3.07% year-on-year, while net profit attributable to shareholders increased by 15.38% to 169 million yuan [2]. - The company is positioned as a leading provider of digital solutions in the industry, continuously building a "1+2+N" digital architecture system [2]. - The projected revenue for 2024-2026 is estimated at 11.237 billion, 12.752 billion, and 14.653 billion yuan, with net profits of 583 million, 641 million, and 710 million yuan respectively [2][3]. Financial Summary - For the first three quarters of 2024, the company achieved a gross margin of 19.54% and a net margin of 4.3% [2]. - The total expenses for sales, management, and finance amounted to 733 million yuan, accounting for 10.32% of revenue [2]. - The earnings per share (EPS) for 2024 is projected to be 0.85 yuan, with a price-to-earnings (PE) ratio of 28 [3][5]. - The company’s net assets per share increased by 8.11% year-on-year to 6.64 yuan [2]. Financial Forecasts - The company’s revenue is expected to grow at rates of 12.4%, 13.5%, and 14.9% for the years 2024, 2025, and 2026 respectively [3][5]. - The net profit growth rates are projected at 17.2%, 10.1%, and 10.8% for the same years [3][5]. - The company’s total assets are forecasted to increase from 11.425 billion yuan in 2023 to 15.854 billion yuan by 2026 [6].