VCG(000681) 国元证券·2024-10-31 06:37Investment Rating - The report maintains an "Accumulate" rating for the company [1][4] Core Views - The company reported stable performance in Q3 2024, with a slight increase in revenue but a decrease in profit [2] - The company is enhancing its content advantages and expanding its presence in the 3D and AI industries [3] - The financial forecast has been adjusted, with expected net profits for 2024-2026 being 120 million, 140 million, and 155 million yuan respectively [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 608 million yuan, a year-on-year increase of 5.87%, and a net profit attributable to shareholders of 82 million yuan, a year-on-year decrease of 33.33% [2] - In Q3 2024, the company reported operating revenue of 209 million yuan, a year-on-year increase of 2.80%, and a net profit of approximately 30.84 million yuan, a year-on-year decrease of 2.60% [2] - The company's expense ratios for sales, management, and R&D were 9.16%, 13.56%, and 9.94% respectively, showing a decrease compared to the previous year [2] Strategic Developments - The company is recognized as a global leader in high-quality copyright material, with nearly 500 million professional-grade images and 800,000 hours of video music material [3] - In 2024, the company accelerated its layout in 3D assets and AI industries, making strategic investments in leading 3D content manufacturing companies [3] - The company has established an "AI + content + scene" strategy, providing compliant data services to AI model companies and enhancing user interaction through AI search functionalities [3] Profit Forecast - The adjusted profit forecast for the company indicates net profits of 120 million, 140 million, and 155 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.17, 0.20, and 0.22 yuan [4] - The projected P/E ratios for the same years are 77, 66, and 59 times [4]