Revenue Performance - Revenue for the year ended December 31, 2024, was RMB 18,276,547 thousand, representing a decrease of 8.86% compared to RMB 16,657,343 thousand in 2023[5] - The segment revenue for big data products and solutions was RMB 3,171,898 thousand, a slight decrease of 2.11% from RMB 3,238,864 thousand in the previous year[5] - The software and operation services segment reported revenue of RMB 5,269,179 thousand, down 3.91% from RMB 5,475,189 thousand[5] - The traditional services segment saw a significant decline in revenue, dropping 19.24% to RMB 9,835,470 thousand from RMB 7,943,290 thousand[5] - Total revenue for the year 2024 was RMB 16,657,343, a decrease of 8.9% from RMB 18,276,547 in 2023[18] - The revenue from software product sales decreased to RMB 111,248 in 2024 from RMB 145,955 in 2023, representing a decline of 23.7%[18] - The segment revenue for the "Big Data Products and Solutions" division was RMB 3,238,864 in 2024, compared to RMB 3,171,898 in 2023, showing an increase of 2.1%[16] - The "Software and Operating Services" division reported revenue of RMB 5,475,189 in 2024, up from RMB 5,269,179 in 2023, an increase of 3.9%[16] - The "Innovative and Traditional Services" division experienced a revenue drop to RMB 7,943,290 in 2024 from RMB 9,835,470 in 2023, a decrease of 19.2%[16] Financial Losses and Gains - The net loss attributable to shareholders for the year was RMB 1,833,689 thousand, an increase of 86.15% compared to a loss of RMB 253,949 thousand in 2023[5] - The company reported a total comprehensive loss of RMB 667,908 thousand for the year, compared to a loss of RMB 1,830,324 thousand in 2023[7] - The operating loss for the year was RMB 368,582, significantly improved from a loss of RMB 1,521,271 in 2023[16] - The company reported a pre-tax loss of RMB 497,774 in 2024, compared to a loss of RMB 1,639,194 in 2023, indicating a reduction in losses[16] - The group reported a pre-tax loss of RMB 68,339,000 in 2024, a significant decrease from RMB 534,553,000 in 2023, indicating improved financial performance[20] Dividends and Shareholder Returns - The company proposed a final dividend of 6.0 HK cents per share, in addition to an interim dividend of 1.0 HK cent per share, totaling 7.0 HK cents for the year[5] - The company declared an interim dividend of RMB 13,332,000 for 2024, compared to RMB 82,332,000 for the final dividend of 2023[22] - The company plans to propose a final dividend of 6.0 HK cents per share for the year ending December 31, 2024, pending shareholder approval[22] - The board proposed a final dividend of HKD 0.06 per share for the year ending December 31, 2024, totaling approximately HKD 100,416,000[78] Assets and Liabilities - Total assets decreased to RMB 14,050,061 thousand in 2024 from RMB 13,752,110 thousand in 2023[8] - Current liabilities increased to RMB 9,872,017 thousand in 2024 from RMB 9,180,834 thousand in 2023[9] - The company's net asset value decreased to RMB 9,507,454 thousand in 2024 from RMB 10,366,005 thousand in 2023[9] - The total assets of the company are approximately RMB 22.31 billion, with total liabilities of about RMB 12.8 billion as of December 31, 2024[62] Cash Flow and Financial Management - The company reported a net cash inflow from operating activities of RMB 600 million, with new contracts signed amounting to RMB 11.377 billion and unfulfilled contracts totaling RMB 6.944 billion, indicating a solid foundation for long-term growth[32] - The company expects to maintain a liquidity ratio of 1.42 as of December 31, 2024, down from 1.50 as of December 31, 2023[62] - The company has a total of approximately RMB 15.19 billion in fixed-rate loans and RMB 19.64 billion in floating-rate loans as of December 31, 2024[65] Research and Development - Research and development costs amounted to RMB 653,335,000 in 2024, down from RMB 738,542,000 in 2023, reflecting a 11.5% reduction[20] - The company achieved a research and development expenditure of 732 million RMB, positioning it at the industry-leading level[51] - The company has accumulated 3,177 intellectual property rights, including software copyrights and patents, with an increase of 390 items compared to the same period last year[51] Operational Efficiency and Innovations - The company aims to enhance its digital capabilities and product offerings through continuous iteration of technology products and industry solutions, focusing on high-quality development and long-term operational resilience[33] - The company has established a comprehensive end-to-end service system for digital transformation, integrating AI infrastructure, data intelligence platforms, and industry solutions to enhance client operations[39] - The company has developed a three-layer core capability platform for data-driven decision-making, significantly improving operational efficiency and cost control in various industries, including manufacturing and sales[41] - In the supply chain sector, the company achieved over 20% improvement in delivery efficiency and over 5% cost savings through the implementation of a comprehensive digital system for a leading food industry client[43] - The company has successfully increased sales forecast accuracy from 50% to 80% for a major telecommunications client, while reducing replenishment cycles by 20% and improving response speed by 30%[44] Strategic Partnerships and Market Position - The company has signed a strategic cooperation agreement with Yunji Technology and Wanda Hotels to enhance data intelligence services in the hotel industry[47] - The company has deepened its presence in key economic regions, forming a technology real estate network that supports sustainable asset appreciation for shareholders[48] - The company is actively exploring AIGC technology to upgrade its financial knowledge and modeling agents, enhancing service capabilities in the financial sector[46] Legal and Compliance Matters - The company is involved in a legal dispute with Yihua Company regarding five patent infringement cases, with a claim for economic damages totaling RMB 275.3 million[67] - The company has complied with the corporate governance code, except for certain deviations regarding the roles of the chairman and CEO[81] - The audit committee consists of three independent non-executive directors, overseeing the financial performance and compliance matters[76] Future Outlook and Plans - The company plans to focus on the modularization of solutions to create standardized products tailored to industry characteristics[50] - The company is set to launch the "Yanyun Infinity" one-stop data intelligence decision-making service platform in February 2025[52] - The company aims to deepen its focus on specific industries, including smart supply chains and financial technology, to enhance its service capabilities[57] - The company is committed to driving innovation in data and AI applications, leveraging its technological advancements and industry solutions[57]

Impairment Losses - The company recognized impairment losses of approximately RMB 487.7 million for other receivables and RMB 497.0 million for interests in associates and joint ventures for the year ended December 31, 2023[3]. - The impairment loss for other receivables primarily stemmed from indirect holdings in debts related to financial products, amounting to approximately RMB 480.6 million, and expected credit losses from other receivables and prepayments of about RMB 7.1 million[4]. - The estimated recoverable amount for Company A's related debts is RMB 440.0 million, leading to an impairment loss of RMB 407.4 million recognized as of December 31, 2023[12]. - The impairment loss for Company B's related debts was primarily due to a significant decline in the market prices of residential properties, influenced by the overall downturn in the Chinese real estate market[13]. - The impairment loss for interests in associates and joint ventures amounted to approximately RMB 497 million, with RMB 320.7 million attributed to Huicong Group and RMB 133.1 million to Chongqing Microloan[18]. - Huicong Group recorded a significant loss of approximately RMB 1,890.5 million for the year, compared to a loss of approximately RMB 230.1 million for the previous year, leading to an impairment loss of RMB 320.7 million on the company's investment[25][28]. - Chongqing Microloan's valuation as of December 31, 2023, was approximately RMB 80 million, resulting in an impairment loss of approximately RMB 133.1 million due to significant losses and declining asset quality[29]. - The overall economic environment has negatively impacted the credit quality of assets held by Chongqing Microloan, affecting its valuation[29]. - The board noted that the methods and benchmarks used for impairment assessment have not changed significantly, and the increase in impairment loss is primarily due to changes in asset conditions affecting input values used in valuations[33]. - The impairment assessment methods are consistent with market practices and supported by independent appraisers where applicable[33]. Debt Recovery and Restructuring - As of December 31, 2023, the carrying value of the debts related to Company A was approximately RMB 847.4 million, which was assessed based on the market value of pledged properties and related transaction costs[6]. - The company expects to recover approximately 63.3% of the restructured property interests from Company A, which translates to an estimated value of RMB 625.1 million[9]. - The company has been involved in debt restructuring processes for both Company A and Company B, impacting the recoverability of related debts[7][13]. - The company continues to monitor the developments in the restructuring plans for both Company A and Company B, which are still under negotiation and not finalized[11]. - The estimated recoverable amount of B Company's related debts decreased from approximately RMB 1,588 million on December 31, 2022, to approximately RMB 844 million on December 31, 2023, resulting in an impairment loss of RMB 732 million for the year[17]. Market Conditions and Valuation - The overall market conditions in the Chinese real estate sector have adversely affected the valuation of the company's investments in financial products and related debts[11]. - The fair value of Company B's related debts is determined based on the expected recoverable amount from the sale or disposal of assets[14]. - The estimated cash proceeds from the sale of B Company's residential properties, excluding VAT, is approximately RMB 168.49 million, with expected costs and expenses of approximately RMB 84.08 million, leading to a net recoverable amount of approximately RMB 84.41 million[16]. - The valuation of Chongqing Microloan decreased due to a decline in comparable companies' market values and overall economic conditions[31]. - The liquidity discount (DLOM) increased from 14% as of December 31, 2022, to 16% as of December 31, 2023, based on an options pricing model[32]. - The valuation of the equity in Chongqing Microfinance is estimated at RMB 80 million as of December 31, 2023, reflecting a significant decrease in asset value[32].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 7,014,343, an increase of 5.0% from RMB 6,677,315 in the same period of 2023[4] - Gross profit decreased to RMB 957,458, down 13.7% from RMB 1,109,105 year-on-year[4] - The net loss attributable to shareholders for the period was RMB 49,340, compared to a profit of RMB 80,675 in the same period last year[4] - Other income and gains fell significantly to RMB 70,545, down 70.7% from RMB 241,069 in the previous year[4] - The total comprehensive income for the period was a loss of RMB 3,181 thousand, compared to a loss of RMB 61,368 thousand, indicating an improvement[10] - The company reported a profit of RMB 10,808 thousand for the period, compared to a loss of RMB 49,340 thousand previously, marking a significant turnaround[10] - The total comprehensive income for the period was RMB (20,218) thousand, a decrease from RMB 57,328 thousand in the previous period, indicating a substantial decline in overall profitability[11] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 12,887,884, a decrease from RMB 13,752,110 as of December 31, 2023[8] - Current liabilities decreased to RMB 8,587,915 from RMB 9,180,834 at the end of 2023[8] - As of June 30, 2024, the total equity amounted to RMB 10,122,780 thousand, a decrease from RMB 10,366,005 thousand as of December 31, 2023, representing a decline of approximately 2.35%[9] - Non-current liabilities decreased to RMB 3,199,902 thousand from RMB 3,252,974 thousand, reflecting a reduction of about 1.63%[9] - The company’s equity attributable to shareholders was negative at RMB (3,181) compared to positive RMB 5,299 in the previous year[7] Cash Flow and Financing - The company reported a net cash inflow from financing activities of RMB 660,590 thousand for the six months ended June 30, 2024, compared to a net cash outflow of RMB (435,306) thousand in the previous year, showing a positive shift in financing[12] - The net cash used in operating activities for the six months ended June 30, 2024, was RMB (1,565,592) thousand, compared to RMB (750,728) thousand for the same period in 2023, indicating a significant increase in cash outflow[12] - The company raised new bank loans amounting to RMB 1,451,571 thousand during the financing activities, an increase from RMB 1,300,459 thousand in the previous year, indicating a strategy to enhance capital structure[12] Revenue Segments - Revenue from software development and technical services was RMB 2,614,386 thousand, up from RMB 2,500,584 thousand, reflecting a growth of 4.55%[21] - The revenue from e-commerce supply chain business increased significantly to RMB 1,546,481 thousand, compared to RMB 1,087,557 thousand, marking a growth of 42.24%[21] - The total contract revenue from customers was RMB 6,868,016 thousand, an increase of 5.52% from RMB 6,509,790 thousand[21] Operational Efficiency - The company reported a decrease in inventory by RMB 13,626 thousand, contrasting with an increase of RMB (96,349) thousand in the previous year, suggesting improved inventory management[12] - The company incurred a loss of RMB (660,229) thousand in accounts payable and notes payable adjustments during the operating activities, compared to a loss of RMB (202,741) thousand in the previous year, indicating worsening operational efficiency[12] Research and Development - The company has invested CNY 320 million in R&D during the reporting period, maintaining a leading position in the industry[67] - Research and development costs were RMB 282,488 thousand in 2024, slightly down from RMB 289,782 thousand in 2023, a decrease of approximately 2.5%[25] Market Strategy and Future Plans - The company plans to focus on market expansion and new technology development in the upcoming quarters[3] - The company plans to continue its market expansion and product development strategies, although specific figures were not disclosed in the call[10] - The company aims to leverage upcoming national policies on data governance and digital economy development to expand its enterprise market presence[59] Employee and Management - Key management personnel received a total short-term employee benefit of RMB 5.232 million, a decrease from RMB 5.765 million in the previous year[50] - Employee costs for the six months ended June 30, 2024, amounted to approximately RMB 1.744 billion, representing a 14.73% increase from RMB 1.520 billion for the same period in 2023[80] Corporate Governance - The company has adopted the Standard Code for Securities Transactions by Directors as per the listing rules, and all directors confirmed compliance during the reporting period[104] - The Audit Committee, consisting of three independent non-executive directors, reviewed the unaudited condensed consolidated interim results for the six months ended June 30, 2024, with no objections to the accounting treatments adopted[105] - The company has complied with the listing rules regarding the composition of the Audit and Nomination Committees after the recent appointments[106]

Investment Rating - The report maintains an "Outperform" rating for the company [7] Core Views - The company's big data business has achieved significant breakthroughs, with a strong order backlog supporting future growth. In the first half of 2024, revenue from big data products and solutions reached 1.277 billion yuan, a year-on-year increase of 17%, with a compound annual growth rate (CAGR) of 26% over the past four years. Excluding the impact of a subsidiary, revenue growth was 31% year-on-year, with a CAGR of 51% [5][6] - The company places a high emphasis on technology research and development, continuously advancing AI application scenarios. The dual-core technology approach, focusing on standardized products and solutions, aims to enhance operational efficiency and reduce costs for enterprises [4][6] - The company's overseas revenue has been growing, with a 55% year-on-year increase in the first half of 2024, marking a rise in the proportion of overseas income from 1% in the first half of 2022 to 7% in the first half of 2024 [6][7] Financial Summary - The company's revenue for 2023 is projected at 18.277 billion yuan, with a year-on-year growth of 3%. The net profit is expected to recover to 506 million yuan in 2024, following a significant loss in 2023 [5][9] - The gross profit margin is expected to improve from 14.67% in 2023 to 15.64% in 2024, with a projected net asset return rate of 7.44% in 2024 [5][9] - The company has a strong cash flow position, with operating cash flow expected to reach 988 million yuan in 2024 [10]

Investment Rating - The report assigns an "Accumulate" rating for the company [3]. Core Views - The company reported a total revenue of 7.014 billion yuan for the first half of 2024, representing a year-on-year growth of 5%. However, the net profit attributable to shareholders decreased by 73% to 0.11 billion yuan, primarily due to the impact of its subsidiary, Shenzhou Information. Excluding this subsidiary, the company's revenue grew by 20% to 2.936 billion yuan, and net profit increased by 380% to 0.41 billion yuan [2]. - The "Big Data + AI" strategy is showing strong growth, with revenue from big data products and solutions reaching 1.277 billion yuan, a year-on-year increase of 17%, and a compound annual growth rate (CAGR) of 26% over the past four years. The gross profit from this segment was 315 million yuan, with a gross profit margin of 33% [2]. - The company's overseas business is expanding, with overseas revenue reaching 465 million yuan, a year-on-year increase of 55%, and accounting for 7% of total revenue. The company is building a cross-border service platform in collaboration with major clients [2]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved total revenue of 70.14 billion yuan, with a gross profit of 9.57 billion yuan and a gross profit margin of 13.65%, down 2.96 percentage points year-on-year. The net profit attributable to shareholders was 0.11 billion yuan, down 73% year-on-year [2]. - Excluding the impact of Shenzhou Information, the company's revenue was 29.36 billion yuan, up 20% year-on-year, and net profit was 0.41 billion yuan, up 380% [2]. Business Strategy - The company is focusing on the "Big Data + AI" strategy, which has led to significant growth in its big data products and solutions. The revenue from this segment reached 1.277 billion yuan, with a year-on-year growth of 17% and a gross profit margin of 33% [2]. - The company has a strong order backlog in its big data business, with signed but unfulfilled orders amounting to 2.424 billion yuan, a 15% increase year-on-year [2]. Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 19.299 billion yuan, 20.531 billion yuan, and 22.145 billion yuan for 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is projected to be 0.374 billion yuan, 0.571 billion yuan, and 0.741 billion yuan for the same years [5][6].

证券研究报告 | 公司动态点评 2024 年 09 月 11 日 神州控股（00861.HK） 大数据持续发力，跨境出海成效显著 | --- | --- | --- | --- | --- | --- | |----------------------|-------|--------|-------|-----------------|-------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 17750 | 18277 | 19255 | 20590 | 22208 | | 增长率 yoy （ % ） | -13.6 | 3.0 | 5.4 | 6.9 | 7.9 | | 归母净利润（百万元） | 310 | -1834 | 491 | 583 | 743 | | 增长率 yoy （ % ） | -56.4 | -690.8 | 126.8 | 18.7 | 27.5 | | ROE （ % ） | 3.7 | -29.1 | 7.4 | 8.3 | 9.9 | | EPS 最新摊薄（元） | 0.19 | -1.10 | ...

Revenue and Profitability - Revenue for the six months ended June 30, 2024, was RMB 7,014,343 thousand, representing a 5.05% increase from RMB 6,677,315 thousand in the same period of 2023[3] - Revenue from big data products and solutions reached RMB 1,277,132 thousand, a growth of 16.97% compared to RMB 1,091,815 thousand in the previous year, accounting for 18% of total revenue[3] - Profit attributable to shareholders of the parent company decreased by 73.22% to RMB 10,808 thousand from RMB 40,355 thousand in the same period last year[3] - Basic earnings per share for the period was RMB 0.0073, down from RMB 0.0270 in the previous year[4] - The company reported a total comprehensive loss of RMB 61,368 thousand for the period, compared to a comprehensive income of RMB 62,627 thousand in the previous year[6] - The gross profit for the group was RMB 957,458 thousand, down from RMB 1,109,105 thousand, showing a decline of approximately 13.7%[13] - The operating loss before tax was RMB (60,735) thousand for the current period, compared to a profit of RMB 108,296 thousand in the previous year, indicating a significant downturn[13] - The total contract revenue from customers was RMB 6,868,016 thousand, an increase from RMB 6,509,790 thousand, marking a growth of about 5.5%[15] - Other income totaled RMB 70,545 thousand, down from RMB 241,069 thousand, reflecting a decrease of approximately 70.7%[16] - The segment performance for software and operational services showed a profit of RMB 81,384 thousand, down from RMB 107,219 thousand, indicating a decrease of approximately 24.2%[13] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 12,887,884 thousand, a decrease from RMB 13,752,110 thousand as of December 31, 2023[7] - Current liabilities decreased to RMB 8,587,915 thousand from RMB 9,180,834 thousand at the end of the previous year[7] - Non-current assets totaled RMB 9,022,713 thousand, slightly down from RMB 9,047,703 thousand at the end of 2023[7] - Cash and cash equivalents decreased to RMB 1,906,885 thousand from RMB 2,883,308 thousand at the end of the previous year[7] - Accounts receivable, net of provisions, decreased to RMB 3,688,428,000 from RMB 4,180,284,000 as of December 31, 2023[22] - The aging analysis of accounts receivable showed a significant increase in amounts overdue beyond 360 days, rising to RMB 774,585,000 from RMB 712,156,000[23] - The company’s cash and cash equivalents stood at approximately RMB 1.907 billion as of June 30, 2024, with RMB 1.84 billion denominated in RMB[40] - As of June 30, 2024, the company's total assets amounted to approximately RMB 21.91 billion, with total liabilities of about RMB 11.79 billion[40] Dividends - The company declared an interim dividend of HKD 0.01 per share, payable on October 14, 2024[3] - The company declared a final dividend of HKD 0.06 per share for the year ended December 31, 2023, totaling approximately HKD 100,416,000, an increase from HKD 75,312,000 in the previous year[19] - The company declared an interim dividend of HKD 0.01 per share for the six months ending June 30, 2024, consistent with the previous year's dividend[26] Research and Development - Research and development expenses (excluding amortization of other intangible assets) were RMB 282,488,000, slightly down from RMB 289,782,000 in the previous year[17] - The company’s R&D expenses reached 320 million yuan, positioning it at the forefront of the industry, with 161 national and industry standards led or participated in, and 2835 intellectual property rights obtained[35] - The company is committed to continuous collaboration with universities and research institutions to enhance R&D in "Big Data + AI" products and solutions[35] Strategic Focus and Growth - The company plans to continue expanding its big data and AI-driven solutions, focusing on smart city and supply chain applications as part of its growth strategy[12] - The company is focusing on the "City CTO + Enterprise CSO" business model to enhance its market presence in smart city and supply chain solutions[28] - The company is actively participating in major projects such as the AI infrastructure in Changchun, indicating its commitment to urban digital transformation[31] - The company achieved a significant transformation from construction-based revenue to operational revenue, focusing on digital transformation for leading enterprises in various industries[32] - The company is actively expanding its enterprise-level market by leveraging its advantages in data governance and application, focusing on cutting-edge technology fields[32] - The company aims to enhance AI applications' autonomous decision-making capabilities, promoting low-code and no-code rapid development for business personnel[34] - The company is positioned to expand its "Big Data + AI" strategy, focusing on market expansion in both domestic and international sectors[38] Legal and Compliance - The company is currently involved in a patent infringement lawsuit, with a claim for economic damages totaling RMB 275.3 million against two companies[43] - The company has not made any significant investments or acquisitions in subsidiaries, associates, or joint ventures during the six months ended June 30, 2024[45] - The audit committee has reviewed the unaudited interim results for the six months ended June 30, 2024, with no objections to the accounting treatments adopted[50] - The company has appointed Dr. Guo Song as an independent non-executive director, and Mr. Chen Huikang as the chairman of the audit committee, ensuring compliance with listing rules regarding independent directors[52] - The company has complied with the corporate governance code, with some deviations explained, particularly regarding the roles of the chairman and CEO being held by the same individual[53] Employee and Operational Metrics - As of June 30, 2024, the company has a total of 17,307 full-time employees, an increase of 7.94% from 16,033 employees as of June 30, 2023[46] - Employee costs for the six months ended June 30, 2024, amounted to approximately RMB 1.744 billion, representing a 14.73% increase compared to RMB 1.520 billion for the same period in 2023[46] Financial Position and Capital Management - The company raised approximately RMB 1.149 billion from a rights issue completed in September 2017, with RMB 210 million remaining unutilized as of June 30, 2024[49] - The unutilized net proceeds from the rights issue are expected to be fully utilized by June 30, 2025, for potential investments in health care big data or other suitable opportunities[49] - The company has a total of approximately RMB 4.123 billion in bank loans, with a significant portion secured against real estate and investment properties[41] - The company plans to actively explore inorganic growth strategies, including capital operations, to enhance its strategic blueprint[37]

公司研究/信息服务 证券研究报告 神州控股(0861.HK)公司报告 2024 年 06 月 30 日 股票数据 | | |-------------------| | 投资评级 优于大市 | | 0 [ 6 Ta 月 b 2 le 8 _ 日 S 收 to 盘 ck 价( In 港 fo 元 ] ) | 3.34 | | |---------------------------------------------------------------|-----------|-----| | 52 周股价波动(港元) | 2.00-3.66 | | | 总股本/流通股(百万股) | 1674/1674 | | | 总市值/流通市值(百万港元) | 5590/5590 | | 市场表现 | 恒生指数对比 | 1M | 2M | 3M | | |----------------|------|------|------|---------| | 绝对涨幅(%) | -3.2 | 18.0 | 12.1 | | | 相对涨幅(%) | 2.3 | 17.1 | 3.3 | | 资料来源:海通证券研究所 | 分析师: ...

证券研究报告 | 公司动态点评 2024 年 06月 12日 神州控股（00861.HK） 深耕城市 CTO+企业 CSO，大数据业务发展提速 财务指标 2022A 2023A 2024E 2025E 2026E 增持（首次评级） 营业收入（百万元） 17750 18277 19255 20590 22208 股票信息 增长率yoy（%） -13.6 3.0 5.4 6.9 7.9 归母净利润（百万元） 310 -1834 491 583 743 行业 计算机 增长率yoy（%） -56.4 -690.8 126.8 18.7 27.5 2024年6月11日收盘价（港元） 3.370 ROE（%） 3.7 -29.1 7.4 8.3 9.9 总市值（百万港元） 5,640.06 EPS最新摊薄（元） 0.19 -1.10 0.29 0.35 0.44 流通市值（百万港元） 5,640.06 P/E（倍） 18.2 -3.1 11.5 9.7 7.6 总股本（百万股） 1,673.61 P/B（倍） 0.7 0.9 0.9 0.8 0.8 流通股本（百万股） 1,673.61 资料来源：公司财报，长城证券产业金 ...

Financial Performance - The total revenue for 2023 was RMB 18,276,547, representing a year-on-year increase of 2.97% from RMB 17,749,982 in 2022[5]. - Revenue from big data products and solutions segment reached RMB 3,171,898, marking a significant growth of 30.07% compared to RMB 2,438,536 in the previous year[5]. - The adjusted net profit attributable to the parent company was RMB 301,111, a substantial increase of 37.95% from RMB 218,271[5]. - The cash generated from operating activities was RMB 746,141, reflecting a 41.97% increase from RMB 525,557 in 2022[5]. - The company's total revenue for the reporting period was RMB 18.277 billion, representing a year-on-year growth of 3%[33]. - Adjusted net profit attributable to the parent company reached RMB 301 million, a year-on-year increase of 38%[33]. - The net cash generated from operating activities was RMB 746 million, reflecting a year-on-year growth of 42%[33]. - New signed projects amounted to RMB 15.872 billion, up 22% year-on-year, while unrecognized signed contracts increased by 26% to RMB 8.288 billion[33]. Strategic Partnerships and Collaborations - The company signed a series of cooperation agreements with Wanda Group to develop the "Digital City" in Kunshan, leveraging its core technology capabilities[9]. - A strategic cooperation agreement was reached with New Zealand's Draw More Circles to promote digital integration in sports services, based in Kunshan[10]. - Shenzhou Holdings has established strategic partnerships, including a collaboration with Kunshan Lulutong Big Data Co., to enhance public data operations[17]. - The company signed a strategic cooperation agreement with Kunshan Lulutong Big Data Co., Ltd. to jointly build and operate a public data operation platform[37]. Innovation and Technology Development - The company launched a new generation city knowledge graph platform at its innovation technology conference, outlining its future big data strategy[11]. - The company has focused on deepening core technology research and development, aligning with the strategic direction of big data[27]. - The company has developed a "public data operation platform" to enhance its capabilities in data governance and assetization, laying a solid foundation for next-generation smart big data products[28]. - The company has launched the "Urban Knowledge Graph Platform," integrating with AI models to create reliable AI tool products for the industry[28]. - The company is focusing on the "big data + artificial intelligence" strategy to seek incremental breakthroughs around core product application scenarios[116]. Market Expansion and Global Presence - The company has expanded its overseas market presence, participating in digital government and smart city projects in Hong Kong, with business scale achieving breakthrough growth[30]. - The company is accelerating its global market layout, replicating its digital capabilities in more countries and seeking new growth opportunities[40]. - The company has expanded its business to regions including Southeast Asia, the Middle East, and Europe, providing end-to-end supply chain services and digital solutions[41]. - The company is actively pursuing the disposal of real estate projects related to its financial products, with an estimated principal amount of RMB 193 million involved[44]. Awards and Recognition - In 2023, Shenzhou Holdings achieved significant recognition, ranking 7th in the TOP30 of China's most innovative AI product solutions[18]. - The company was awarded the 2022 Annual Leading Enterprise in the Big Data Sector, highlighting its strong position in the industry[18]. - The company has received multiple awards in 2023, including the 1st place in Digital Twin Solution Providers and 10th place in Excellent Digital Technology Solution Providers[22][21]. - The company has been recognized for its innovative contributions, including the 2023 Digital Economy Leading Enterprise award and the 2023 Best TMT Company award[26][27]. Corporate Governance and Leadership - The company reported a significant leadership structure with Mr. Guo Wei serving as Chairman and CEO, bringing over 36 years of experience in business strategy and operations management[56]. - The board consists of nine directors, including two executive directors, two non-executive directors, and five independent non-executive directors[75]. - The company has established governance policies and practices, which are reviewed and monitored by the audit committee[84]. - The board has adopted a nomination policy to ensure continuity and appropriate leadership at the board level, which includes criteria for evaluating candidates' suitability[86]. Environmental, Social, and Governance (ESG) Initiatives - The company has committed to sustainable development, actively responding to climate change risks and promoting green production and R&D initiatives[118]. - The company has established the "Excellence Goddess Club" platform to support the growth and development of female employees[117]. - The company has launched a dedicated ESG section on its website to showcase its sustainable development policies and annual ESG reports[131]. - The company aims to create shared value with stakeholders by actively exploring sustainable development paths[127]. Employee Development and Diversity - The company has implemented a series of policies and mechanisms to strengthen its long-term commitment to equality and diversity in the workplace[190]. - The company has a robust recruitment strategy that includes campus recruitment and social recruitment, ensuring fair treatment of all candidates regardless of their background[191]. - The company has developed a digital talent training model through e-commerce live streaming operations to cultivate practical talents for the industry[196]. - The company aims to increase the proportion of female employees from 24% in 2023 to one-third by 2030[94].