Core Viewpoint - The company is rapidly advancing its collaboration with international hotel groups through its Daylight PMS, with several new contracts signed and a strong focus on global expansion [1][2]. Group 1: Collaboration and Partnerships - The company has signed new contracts with notable clients including Melco Resorts, Kempinski Hotels, and the largest independent hotel group in the Netherlands, Van der Valk, which operates 74 hotels across 7 countries [1]. - Successful implementations have been achieved with leading hotel brands in the UAE, Germany, New Zealand, Thailand, Singapore, and Switzerland [1]. Group 2: Future Growth Expectations - The chairman and president of the company indicated that the global expansion process is gradual, supported by the development of new cloud products and the establishment of a global sales and service network [2]. - The Daylight PMS was gradually introduced to the market starting in 2020, with a significant increase in the number of installations, reaching 4,333 by the end of 2024 [2]. - The company anticipates that as the SaaS business accumulates more clients, the selection process for international customers will shorten, leading to a substantial impact on operational results [2].

Group 1: Company Performance and Financials - The company forecasts a total revenue for 2024 between 2.5 billion and 3.7 billion RMB, with a significant gap of 1.2 billion RMB between the upper and lower limits [8][21]. - The first quarter revenue decreased by 6.2% year-on-year, primarily due to a significant drop in revenue from a subsidiary, while hotel business revenue showed slight growth [18]. - The hotel information system business achieved a revenue of 1.07 billion RMB in 2024, representing a growth of approximately 15% compared to the previous year [13]. Group 2: Product Development and Market Expansion - The Cambridge cloud PMS product has been launched in hundreds of hotels, with over 100 in Hong Kong, Macau, and Taiwan [4]. - The Daylight PMS and Infrasys POS systems have been gradually rolled out, with Infrasys Cloud having been implemented in 4,333 hotels by the end of 2024 [5]. - The company is actively exploring the integration of AI models into its technology and product development [6]. Group 3: Strategic Partnerships and Collaborations - The company maintains strategic partnerships with Alibaba in various fields, including hotel information systems and cloud computing [10]. - Recent collaborations include agreements with major hotel groups such as New World Hotels and Kempinski, enhancing the company's international presence [19]. Group 4: Challenges and Investor Concerns - The company has faced continuous losses over the past four years, raising concerns about its growth potential [5][15]. - The stock price has remained below historical levels, leading to questions about the company's long-term investment value [7][22]. - There are concerns regarding the slow pace of onboarding new clients, particularly in the international market, which is attributed to the cautious selection process for core hotel systems [29].

Group 1: Cloud Product Deployment - The company's cloud products are primarily based on public cloud deployment, which is recognized as the industry consensus due to its scalability and expansion capabilities compared to private cloud [1] - Leading international hotel groups are planning to transition to cloud systems, indicating a clear industry trend towards cloud adoption [1][2] Group 2: Client Acquisition and Market Presence - The company has signed contracts with major international hotel groups, including Peninsula, InterContinental, and others, achieving a total of 4,333 clients for its cloud restaurant management system [2] - The company maintains a market share of approximately 50% among top retail and chain clients in China's retail information system sector [3] Group 3: Product Implementation and Integration - The implementation of cloud products in signed hotel groups follows a slow-to-fast process, initially requiring system integration and certification before rapid deployment in other hotels [4] - The company's hotel cloud products, particularly the Daylight PMS, have been recognized and successfully implemented in several benchmark hotels, enhancing its reputation [2] Group 4: Competitive Advantages - The company's SEP platform is designed for group clients, featuring a microservices architecture that allows for flexible integration and data management [5] - The product ensures data security by automatically storing customer data in compliance with local regulations [5] Group 5: AI Integration and Future Outlook - The company is exploring AI applications to enhance cloud product capabilities, focusing on internal auditing and data analysis for operational forecasting [6] - Future business development priorities include globalization and platformization, with a goal to achieve breakeven in overseas operations as the number of global hotel clients increases [7]

北京中长石基信息技术股份有限公司投资者关系管理活动记录-调研纪要 | | 人工呼叫中心的非直连模式实现预订；但通过系统直连的方式 | | --- | --- | | | 会提高 OTA 和酒店的预订效率并降低成本。 | | | 公司通过将客户的信息系统与各种预订渠道、支付机构的 | | | 系统直连，实现信息的即时交互，以系统替代人工，从而大大 | | | 提升预订和支付环节的工作效率，降低运营成本。 | | | 4、我们现在的畅联业务的收入主要来自于飞猪吗？ | | | 畅联收入来源很多，除了飞猪以外，畅联已经有超过 220 | | | 家国内外主流预订渠道通过石基直连预订平台连接超过 6 万家 | | | 酒店。 | | | 5、公司全球化业务后续的市场推广策略是怎样的？ | | | 公司全球化业务是依靠相对领先的云产品和技术，以签约 | | | 全球标杆型酒店集团客户为优先，同时持续推进在已签约客户 | | | 中云产品的上线，继续形成示范效应，随着使用石基全新一代 | | | 云产品的客户体量的累积，逐步提升推广上线速度。 | | | 6、在财务方面，公司是否会采取些措施去缓解中短期的一 | | | ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company reported a total revenue of 2.947 billion yuan in 2024, representing a year-on-year growth of 7.2%, while the net profit attributable to shareholders was -199 million yuan, indicating an expanded loss compared to the previous year [6][7]. - In Q1 2025, the company achieved a revenue of 592 million yuan, down 6.2% year-on-year, but the net profit attributable to shareholders was 21 million yuan, reflecting an 85.4% increase compared to the same period last year [6][7]. - The company's Annual Recurring Revenue (ARR) for its SaaS business reached 520 million yuan in 2024, a growth of approximately 25% from 420 million yuan in 2023, with a customer retention rate exceeding 90% [7]. - The company's globalization strategy is still in its early stages, with revenue from outside mainland China accounting for 20.3% of total revenue, indicating potential for growth in the high-end hotel market globally [7]. - The cloud POS system continues to be promoted, with the cloud PMS system signing major clients, including New Macau Hotel Group and Kempinski Hotels, with a total of 629 hotels launched globally by the end of 2024 [7]. - The overall gross margin for 2024 was 34.9%, a decline from the previous year, primarily due to high amortization of intangible assets related to Daylight PMS, while Q1 2025 gross margin was 49.2%, remaining stable year-on-year [7]. - The operating cash flow showed improvement, with a net cash flow of 67.13 million yuan in 2024, up from 63.45 million yuan in 2023, and a Q1 2025 cash flow of -110 million yuan, an improvement from -150 million yuan in Q1 2024 [7]. - The report adjusts the revenue and profit forecasts for 2025-2026, now expecting revenues of 3.413 billion yuan and 4.024 billion yuan, and net profits of 63 million yuan and 190 million yuan respectively [7]. Financial Summary - The company is projected to achieve total revenues of 3.413 billion yuan in 2025, with a year-on-year growth rate of 15.8%, and a net profit of 63 million yuan [6][9]. - The gross margin is expected to stabilize at 40.9% in 2025, with a gradual increase in return on equity (ROE) from 0.9% in 2025 to 3.8% in 2027 [6][9].

Investment Rating - The investment rating for the computer industry is "Buy" [2] Core Insights - The computer industry is experiencing a bottoming out of demand in 2024, with significant differences in structural performance across various segments. Companies are enhancing operational efficiency to cope with the challenges [6][14] - The median revenue growth rate for the industry in 2024 is -1.59%, a decrease of 4.88 percentage points from 2023. The median net profit growth rate is -2.24%, down 8.35 percentage points from the previous year [15] - The report highlights that while revenue and profit metrics are declining, the rate of decline is slowing, indicating potential for improvement in Q1 2025 [15][16] Summary by Sections 1. 2024 Annual Report: Bottoming Demand and Efficiency Improvements - The report analyzes the performance of 208 listed companies in the computer industry, revealing that the overall revenue growth is stabilizing, and profit margins are showing signs of recovery [14][15] - Different segments within the industry show varying performance, with IT hardware, trusted computing, and smart vehicle sectors demonstrating positive growth trends [16][28] 2. Demand Stabilization and Financial Indicators - The report notes that contract liabilities are beginning to improve, and accounts receivable growth is declining, indicating a more stable financial environment [23][24] - Cash inflows from sales of goods and services have significantly increased, reflecting a positive trend in operational cash flow [24] 3. Investment Activity and Valuation Levels - The report indicates an increase in net cash outflow from investment activities, suggesting an expansion trend among companies [26] - As of April 30, 2025, the industry’s price-to-earnings (P/E) ratio is 46 times, with software companies showing a higher P/E increase compared to hardware companies [19][20] 4. Key Areas of Investment Value - The report identifies several key areas with strong investment potential, including AI applications, domestic software and hardware replacements, and the smart driving industry [20][21] - The acceleration of domestic orders in trusted computing and the expansion of the Harmony OS ecosystem are expected to enhance the competitive edge of leading companies in the industry [20][21]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [7]. Core Insights - The company achieved a revenue of 2.947 billion yuan in 2024, representing a year-on-year growth of 7.20%. However, the net profit attributable to shareholders was -199 million yuan, a decline compared to the previous year [1]. - In Q1 2025, the company reported a revenue of 592 million yuan, down 6.20% year-on-year, but the net profit attributable to shareholders was 21.11 million yuan, an increase of 85.36% [1]. - The SaaS business showed significant growth, with the Annual Recurring Revenue (ARR) reaching 523.29 million yuan in 2024, a growth of approximately 25.1% from 418.29 million yuan in 2023 [3]. - The company has signed contracts with major hotel groups, enhancing its market position and expanding its international presence [4]. Financial Performance Summary - The gross profit margin for 2024 was 34.87%, a slight decrease from the previous year. In Q1 2025, the gross profit margin was 49.17%, remaining stable compared to the same period last year [2]. - Operating cash flow improved, with a net cash flow of 67.13 million yuan in 2024, up from 63.45 million yuan in the previous year. In Q1 2025, the operating cash flow was -110 million yuan, an improvement from -150 million yuan in Q1 2024 [2]. - The company expects revenues of 3.665 billion yuan in 2025, with a growth rate of 24.4%, and a projected net profit of 146 million yuan, marking a significant turnaround from the previous year's loss [8][9].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [7]. Core Insights - The company achieved a revenue of 2.947 billion yuan in 2024, representing a year-on-year growth of 7.20%. However, the net profit attributable to shareholders was -199 million yuan, showing a decline compared to the previous year [1]. - In Q1 2025, the company reported a revenue of 592 million yuan, down 6.20% year-on-year, but the net profit attributable to shareholders increased by 85.36% to 21.11 million yuan [1]. - The SaaS business showed significant growth, with the Annual Recurring Revenue (ARR) reaching 523.29 million yuan in 2024, a 25.1% increase from 418.29 million yuan in 2023 [3]. - The company has signed contracts with major hotel groups, enhancing its market position and expanding its international presence [4]. Financial Performance Summary - The gross profit margin for 2024 was 34.87%, a slight decrease from the previous year. In Q1 2025, the gross profit margin improved to 49.17% [2]. - Operating cash flow improved, with a net cash flow of 67.13 million yuan in 2024, compared to 63.45 million yuan in the previous year. However, Q1 2025 showed a negative cash flow of -110 million yuan [2]. - The company expects revenues of 3.665 billion yuan in 2025, with a growth rate of 24.4%, and a projected net profit of 146 million yuan [8][9]. Business Development - The company continues to expand its SaaS offerings, with over 80,000 hotel clients and a renewal rate exceeding 90% [3]. - The Daylight PMS system has been successfully implemented in 629 hotels globally, with significant contracts signed with major hotel groups [4]. - The company is also enhancing its retail business through the acquisition of minority stakes in software firms, which is expected to strengthen its market position in retail management solutions [6]. Future Projections - Revenue projections for 2025-2027 are 3.665 billion yuan, 4.576 billion yuan, and 5.720 billion yuan, respectively, with corresponding PS ratios of 6X, 5X, and 4X [7][8]. - The net profit is expected to recover significantly, reaching 579 million yuan by 2027, with a net profit margin improving over the years [9].

Core Viewpoint - The company, Shiji Information, reported a revenue of 2.947 billion yuan for the fiscal year 2024, marking a year-on-year growth of 7.20%, with significant contributions from its hotel information management system and retail information management system businesses [1] Group 1: Financial Performance - The company achieved a total revenue of 2.947 billion yuan in 2024, reflecting a 7.20% increase compared to the previous year [1] - The hotel information management system generated 1.074 billion yuan, making it the largest revenue source for the company [1] - The retail information management system and third-party hardware support businesses reported revenues of 536 million yuan and 627 million yuan, respectively [1] - The company plans to distribute a cash dividend of 0.1 yuan per share, totaling 27.2919 million yuan [1] Group 2: Business Strategy and Market Position - Shiji Information focuses on providing integrated information system solutions for the hospitality, retail, and entertainment sectors, maintaining a leading position in the Chinese star-rated hotel information system market and the retail information system market [1] - The company is advancing its globalization strategy, with its cloud restaurant system, InfrasysPOS, signing contracts with all five major international hotel groups, totaling 4,333 clients [2] - The new generation cloud hotel system, DaylightPMS, has secured contracts with notable international clients, increasing the number of hotels using the system to 629 across over 20 countries [1][2] Group 3: SaaS and Platform Business - The annual recurring revenue (ARR) from the SaaS business reached 523 million yuan, representing a 25.1% year-on-year growth, with over 80,000 enterprise customer stores and a renewal rate exceeding 90% [2] - The payment direct connection transaction volume reached 297.7 billion yuan, with the booking platform's output growing by 22.2% to 2.405 million room nights [2] - The company’s innovative Book&Pay platform has established partnerships with domestic and international groups, becoming a new growth driver [2] Group 4: Future Outlook - In 2025, the company aims to deepen its globalization and platform strategies, focusing on innovative product development and accelerating the signing and scaling of new hotel cloud products with internationally renowned hotel groups [3] - The company plans to enhance its retail comprehensive solution development and application to solidify its leadership in the domestic retail information system market [3] - The recovery of the tourism consumption industry is expected to boost the company's booking volume through strengthened hotel group and channel collaborations [3]

Investment Rating - The investment rating for the company is "Buy" with a target price of 10.70 RMB [8][9]. Core Views - The company achieved a revenue of 2.947 billion RMB in 2024, representing a year-on-year increase of 7.20%, but reported a net loss of 199 million RMB, a decrease of 90.00% year-on-year. The performance was below previous expectations due to slower recovery in downstream demand and increased provisions for long-term equity investment impairment and bad debts [1]. - The company is progressing well in its SaaS transformation, with an annual recurring revenue (ARR) of 523 million RMB in 2024, up 25.1% year-on-year. The total number of enterprise customers exceeded 80,000, with an average renewal rate of over 90% [2]. - The company is enhancing its platform strategy, with hotel information management and payment system businesses growing by 14.55% and 8.68% year-on-year, respectively. The expansion into overseas markets is accelerating, with significant contracts signed with major hotel groups [2]. - The overall gross margin for 2024 was 34.87%, a decrease of 2.85 percentage points year-on-year, primarily due to increased amortization of intangible assets. However, the company improved its expense control, with sales, management, and R&D expense ratios decreasing significantly [3]. - In Q1 2025, the company reported a revenue of 592 million RMB, down 6.20% year-on-year, but a net profit of 21.11 million RMB, an increase of 85.36% year-on-year, indicating a recovery in profitability [4]. Summary by Sections Financial Performance - The company’s revenue for 2024 was 2.947 billion RMB, with a year-on-year growth of 7.20%. The net profit attributable to the parent company was a loss of 199 million RMB, down 90.00% year-on-year. The earnings per share (EPS) for 2025-2027 are projected to be 0.04, 0.06, and 0.08 RMB, respectively [1][5][7]. - The company’s operating cash flow improved to 67.13 million RMB in 2024, a year-on-year increase of 5.79% [3]. Business Development - The company is focusing on SaaS, platformization, and globalization, with significant growth in its SaaS business and a strong customer base in the hotel industry [2]. - The company has established a comprehensive platform integrating various management systems and is leveraging AI for product upgrades, enhancing its competitive edge [3]. Valuation and Forecast - The revenue forecast for 2025-2027 is set at 3.273 billion, 3.676 billion, and 4.196 billion RMB, respectively, with a downward adjustment of 15% and 22% for 2025 and 2026 [5][7]. - The target price of 10.70 RMB corresponds to a price-to-sales (PS) ratio of 8.9x for 2025, reflecting the company's successful SaaS transition and increasing subscription revenue [5].