迪普科技：业绩稳健增长，深耕价值行业

Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Views - The company achieved a revenue of 819 million yuan in the first three quarters of 2024, representing a year-on-year growth of 13.78%. The net profit attributable to the parent company was 92 million yuan, up 37.73% year-on-year, while the net profit excluding non-recurring items was 81 million yuan, reflecting a growth of 33.30% [1]. - The company's performance showed steady growth with improved cash flow. In Q3 2024, the company recorded a revenue of 317 million yuan, a year-on-year increase of 14.01%. The net profit attributable to the parent company was 40 million yuan, up 45.76% year-on-year, and the net profit excluding non-recurring items was 35 million yuan, growing by 34.59% [1]. - Effective cost control was noted, with the sales, management, and R&D expense ratios at 37.66%, 4.02%, and 24.70%, respectively. The overall gross margin was 67.23%, maintaining a reasonable range despite a slight year-on-year decrease of 1.10 percentage points [2]. - The company is deepening its focus on value industries and expanding into new business scenarios. The government sector is benefiting from national policies, while demand in telecommunications, energy, and finance sectors is increasing. The company plans to continue its strategic expansion in these areas [2]. - Profit forecasts indicate that the net profit attributable to the parent company is expected to be 165 million yuan, 202 million yuan, and 243 million yuan for 2024, 2025, and 2026, respectively [2]. Financial Summary - For 2024, the expected revenue is projected at 1.226 billion yuan, with a year-on-year growth of 18.5%. The net profit attributable to the parent company is forecasted to be 165 million yuan, reflecting a growth of 30.5% [4]. - The gross margin is expected to remain stable, with a projected return on equity (ROE) of 5.0% in 2024, increasing gradually to 6.8% by 2026 [4].