Topsec(002212) 国元证券·2024-11-06 06:23Investment Rating - The report maintains a "Buy" rating for the company, considering its growth potential and industry dynamics [6][21]. Core Insights - The company has successfully turned a profit in the third quarter of 2024, achieving a revenue of 709 million yuan, a year-on-year increase of 10.21%, and a net profit of 36 million yuan [3]. - The company is focusing on quality improvement and efficiency enhancement strategies, with significant growth in new business areas such as cloud computing and cloud security [4][6]. - The company’s revenue for the first three quarters of 2024 was 1.582 billion yuan, a decrease of 3.98% year-on-year, while the net profit attributable to shareholders was -169 million yuan, an increase of 31.83% year-on-year [3]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 709 million yuan, with a net profit of 36 million yuan, marking a turnaround from previous losses [3]. - For the first three quarters of 2024, the company generated a revenue of 1.582 billion yuan, down 3.98% year-on-year, and a net profit of -169 million yuan, up 31.83% year-on-year [3]. Business Growth - The company has seen significant growth in key sectors, with the healthcare sector experiencing nearly 60% growth in orders, and the cloud security revenue increasing by 126.40% year-on-year [4]. - The company’s new business initiatives are yielding results, with cloud computing revenue growing by 9.98% and cloud security revenue growing by 126.40% in the first three quarters of 2024 [4]. Cost Management - The company has effectively controlled costs, with total expenses decreasing by 5.26% year-on-year, including an 8.05% reduction in R&D expenses [5]. - The revenue structure is improving, with cloud computing and cloud security products and services generating 188 million yuan, a year-on-year increase of 11.58% [5]. Earnings Forecast - The company is projected to achieve revenues of 3.375 billion yuan, 3.807 billion yuan, and 4.265 billion yuan for the years 2024, 2025, and 2026, respectively, with net profits of 204 million yuan, 306 million yuan, and 377 million yuan [6][10].