Newcapec(300248) 国海证券·2024-11-02 15:09Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][21]. Core Insights - The company has shown a significant increase in net profit, with a year-on-year growth of 142.99% in the first three quarters of 2024, despite a slight decline in revenue [1][7]. - The company's revenue for Q3 2024 was 231 million yuan, a decrease of 3.20% year-on-year, while net profit increased by 35.77% [2][7]. - The company is focusing on enhancing its internal management and cost reduction strategies, which have contributed to the improved profitability [2][7]. Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 570 million yuan, down 0.84% year-on-year, while the net profit was 10 million yuan [1][7]. - The gross margin for the first three quarters of 2024 was 56.42%, an increase of 2.07 percentage points year-on-year [3][16]. - The company’s R&D expenses for the first three quarters were 98 million yuan, reflecting a year-on-year increase of 3.09% [3][16]. Business Segments - The company’s revenue composition includes 60-70% from campus business, around 20% from government and enterprise sectors, and 10-20% from operation and maintenance services [2][7]. - The company is actively developing smart campus solutions, including AI and VR-based interactive products, and has launched the AI product "Xiao Mei Classmate" [4][19]. - The company has established a flexible smart campus service system, integrating various technologies to meet diverse customer needs [10][12]. Future Outlook - The company is projected to achieve revenues of 1.142 billion yuan, 1.343 billion yuan, and 1.556 billion yuan for the years 2024, 2025, and 2026, respectively [5][21]. - The expected net profits for the same years are 135 million yuan, 165 million yuan, and 200 million yuan, with corresponding EPS of 0.28, 0.35, and 0.42 yuan [5][21]. - The company is well-positioned to benefit from the increasing demand for educational informationization and smart government solutions [5][21].