巨星科技：持续高增兑现业绩，盈利能力提升

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported excellent performance in Q3 2024, achieving operating revenue of 4.383 billion yuan, a year-on-year increase of 30.25% [3] - The net profit attributable to shareholders reached 742 million yuan, up 17.05% year-on-year, with a basic earnings per share of 0.6209 yuan, reflecting a 17.84% increase [3] - Accounts receivable increased significantly to 3.605 billion yuan, a surge of 82.04% year-on-year, indicating successful market expansion [4] - The company's gross profit margin improved to 32.39% in the first three quarters, compared to 31.80% in the 2023 annual report, showing enhanced profitability [4] Financial Forecasts - The revenue forecasts for 2024-2026 are 13.806 billion, 15.916 billion, and 18.811 billion yuan respectively, with corresponding net profits of 2.107 billion, 2.386 billion, and 2.853 billion yuan [4] - The projected earnings per share (EPS) for 2024-2026 are 1.75, 1.98, and 2.37 yuan respectively [4] - The current price-to-earnings (P/E) ratios are 17, 15, and 12 for the years 2024-2026 [4] Key Financial Metrics - The company’s total assets are projected to grow from 19.684 billion yuan in 2023 to 26.187 billion yuan by 2026 [6] - The operating income is expected to increase from 10.93 billion yuan in 2023 to 18.81 billion yuan in 2026, reflecting a compound annual growth rate [6] - The return on equity (ROE) is forecasted to rise from 11.27% in 2023 to 13.70% in 2026, indicating improved efficiency in generating profits from equity [6]