云赛智联Q3

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company has shown significant growth in its non-recurring net profit, with a year-on-year increase of 39.5% in the first three quarters, despite a slight decline in total revenue [3] - The company is positioned to benefit from accelerated policies regarding data resources, as it serves as a key integrator and operator of data platforms in Shanghai [3] - The company's future in computing power leasing is promising, with ongoing developments in its data centers [3] Financial Summary - Total revenue for the first three quarters reached RMB 4.01 billion, reflecting an 8.3% year-on-year growth [3] - The net profit attributable to the parent company for the first three quarters was RMB 160 million, a 1.2% increase year-on-year, while the non-recurring net profit was RMB 140 million, marking a 39.5% increase [3] - Research and development expenses for the first three quarters amounted to RMB 290 million, a 12.7% increase year-on-year [3] - The company expects net profits for 2024, 2025, and 2026 to be RMB 230 million, RMB 280 million, and RMB 330 million respectively, with corresponding EPS of RMB 0.17, RMB 0.20, and RMB 0.24 [3][4] Valuation Metrics - The company’s projected P/E ratios for 2024, 2025, and 2026 are 87X, 72X, and 59X respectively [4][5] - The expected EBITDA for 2024, 2025, and 2026 is RMB 205 million, RMB 274 million, and RMB 328 million respectively [4][5] - The company’s market capitalization is approximately RMB 19.72 billion [2]