Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company achieved significant growth in non-recurring profit, with a 123.91% year-on-year increase in non-recurring net profit for the first three quarters of 2024, amounting to 1.167 billion yuan [2]. - The signing of a contract with Kempinski Hotel S.A. for providing SaaS services further validates the company's strength and market position [2]. - The company's SaaS business continues to grow rapidly, with an annual recurring revenue (ARR) of approximately 446.91 million yuan, reflecting a 30.8% increase compared to the previous year [2]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 2.016 billion yuan, a year-on-year increase of 8.46%, and a net profit attributable to shareholders of 15.88 million yuan, up 10.16% [2]. - The forecast for 2024-2026 indicates net profits of 84 million yuan, 210 million yuan, and 475 million yuan, respectively, with corresponding price-to-earnings (PE) ratios of 248X, 99X, and 44X [2][3]. - The projected revenue for 2024 is 3.419 billion yuan, representing a growth rate of 24.4% [3]. Business Development - The company has signed contracts with several major hotel groups, including InterContinental and Peninsula, expanding its international presence [2]. - The SaaS business is expected to leverage its established client base to drive future growth, with a focus on internationalization and cloud services [2].

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 证券代码：002153 证券简称：石基信息 北京中长石基信息技术股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | --- | |--------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 9.80, up from a previous value of RMB 6.11 [4][6]. Core Views - The company reported a revenue of RMB 2.016 billion for Q1-Q3 2024, representing a year-over-year increase of 8.46%. The net profit attributable to shareholders was RMB 15.8834 million, up 10.16% year-over-year, while the non-recurring net profit surged by 123.91% year-over-year to RMB 11.6744 million [1]. - The company has made significant strides in the hotel SaaS industry, with its new cloud architecture products gaining recognition from leading international clients. The recent agreement with the Kempinski Hotel Group is expected to accelerate cloud revenue growth [2]. - The overall gross margin for Q1-Q3 2024 was 46.98%, a slight decrease of 0.95 percentage points year-over-year. The efficiency of expense usage has improved, with operating cash flow showing a year-over-year increase of 82.34% [3]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a revenue of RMB 2.016 billion, with a year-over-year growth of 8.46%. The net profit attributable to shareholders was RMB 15.8834 million, reflecting a 10.16% increase year-over-year. The non-recurring net profit reached RMB 11.6744 million, marking a significant increase of 123.91% year-over-year [1]. - The Q3 revenue was RMB 634 million, down 3.64% year-over-year and 15.53% quarter-over-quarter, with a net loss of RMB 8.8398 million [1]. Business Development - The company has signed an agreement with Kempinski Hotel Group to provide cloud-based enterprise hotel management systems and payment solutions, marking a breakthrough in international hotel group partnerships [2]. - The new generation of cloud products is expected to drive accelerated growth in cloud revenue, contributing positively to the company's overall performance [2]. Cost Efficiency and Cash Flow - The overall gross margin for Q1-Q3 2024 was 46.98%, with a slight decrease of 0.95 percentage points year-over-year. The expense ratios for sales, management, and R&D were 10.75%, 27.25%, and 11.89%, respectively, showing slight improvements [3]. - Operating cash flow was reported at -RMB 21.5059 million, but this represents an 82.34% improvement year-over-year, indicating better cash collection efforts [3]. Earnings Forecast and Valuation - The report maintains EPS forecasts of RMB 0.03, RMB 0.05, and RMB 0.08 for 2024, 2025, and 2026, respectively. The estimated revenue for cloud and traditional businesses in 2025 is projected at RMB 790 million and RMB 460 million, respectively [4]. - The target price of RMB 9.80 is based on a valuation of 10.7x PS for cloud business and 39.6x PE for traditional business, reflecting the expected acceleration in cloud adoption [4].

北京中长石基信息技术股份有限公司 2024 年第三季度报告 □是 否 证券代码：002153 证券简称：石基信息 公告编号：2024-29 北京中长石基信息技术股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大 遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第三季度报告是否经过审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |-----------------------------------------------------|------------------|-------------------------|-------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The establishment of a new office in Saudi Arabia is part of the company's global growth strategy, aimed at enhancing local customer service and promoting digital technology in the hotel industry [2][3]. - The company's revenue for the first half of 2024 reached 1.382 billion yuan, a year-on-year increase of 15.09%, with a net profit of 24.72 million yuan, up 10.83% [3]. - The new generation cloud platform, SEP, has been successfully implemented in over 433 hotels globally, with significant client engagement from major hotel groups [4][3]. - The Infrasys Cloud POS system has seen stable growth, with 3,955 clients onboarded by August 2024 [3]. Financial Performance Summary - For 2024, the company expects revenue to reach 3.25 billion yuan, with a net profit of 66 million yuan, reflecting a growth rate of 18.2% [6]. - The company's SaaS business ARR reached 447 million yuan by June 2024, a year-on-year increase of 30.8% [3]. - The financial metrics indicate a recovery trend, with projected net profits increasing significantly from 66 million yuan in 2024 to 256 million yuan in 2026 [6].

北京中长石基信息技术股份有限公司 公告 证券代码：002153 证券简称：石基信息 公告编号：2024-28 北京中长石基信息技术股份有限公司 关于全资子公司与凯宾斯基酒店集团签订重大合同的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、合同签署背景及概况 1、北京中长石基信息技术股份有限公司（以下简称"公司"）正处于全球化及平台化的 转型时期，公司新一代云架构的企业级酒店信息管理系统 Shiji Enterprise Platform （石基企 业平台）为公司国际化及平台化转型中的重要产品，是一套可以完全替换部分现有酒店信息 管理系统（"PMS"）及其他酒店层面和集团层面子系统的全新一代解决方案。在欧洲、亚太 地区、中东和美洲上线一定数量酒店的基础上，石基企业平台已经得到四家国际标杆客户半 岛、洲际、朗廷、新濠酒店集团的认可，并已在半岛、洲际、朗廷实现批量上线工作，包括 新开酒店上线和替换存量酒店原有的 PMS。对应上述酒店集团，公司已经签订过的此类重 大合同包括：Shiji (Singapore) Pte. Ltd（以下简称 . "石基新加坡"） ...

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 证券代码：002153 证券简称：石基信息 北京中长石基信息技术股份有限公司 投资者关系活动记录表 编号：2024-15 | --- | --- | --- | --- | --- | |---------------|-----------------------------------------------------------------------|------------------------------------------------|-------|---------| | | | | | | | | 特定对象调研 | □ 分析师会议 | | | | 投资者关系 | □ 媒体采访 | □ 业绩说明会 | | | | 活动类别 | □ 新闻发布会 | □ 路演活动 | | | | | □ 现场参观 | □ 其他 | | | | 参与单位名 | 德邦证券 陈涵泊、王思；景顺长城基金 | 陆哲皓 | | | | 称及人员姓 名 | | | | | | 时间 | 年 月 日 | | | | | | 2024 9 26 | | | ...

[Table_Contacts] | --- | --- | --- | |-----------------------------------------|----------------------------|---------------------| | [Table_Title] 石基信息（ 002153.SZ ） | [ 公司评级 Table_Invest] | 证券研究报告 \n买入 | | | 当前价格 | 5.56 元 | | ARR 继续快速增长，基本面拐点逐步验证 | 合理价值 | 8.84 元 | | | 前次评级 | 买入 | | [Table_Summary] 核心观点： | 报告日期 | 2024-09-19 | ⚫ 公司业绩持续保持较快增长。24 年上半年公司实现收入 13.8 亿元，同 比增加 15.1%；归母净利润 2472 万元，同比增加 10.8%；扣非归母净 利润 2038 万元，同比增加 16.4%。24H1 毛利率小幅下滑，主因系低 毛利率的硬件营收占比增长较快（24H1 第三方硬件配套业务、自有智 能商用设备营收同比增长 33%、28%），未来随着云化业务增 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 1.382 billion yuan in H1 2024, representing a year-on-year growth of 15.09%, with a net profit attributable to shareholders of 25 million yuan, up 10.83% year-on-year [2][3] - The company continues to focus on platformization and globalization strategies, with significant growth in its SaaS business, which saw an annual recurring revenue (ARR) of 447 million yuan in H1 2024, a year-on-year increase of approximately 30.8% [3] - The company has successfully signed benchmark clients in the hotel industry, including major international hotel groups, and has a high renewal rate of over 90% for its SaaS business [3] Financial Summary - For the fiscal year 2024E, the company is projected to generate a revenue of 3.255 billion yuan, with a year-on-year growth of 18.4% [2] - The gross profit margin is expected to improve from 37.7% in 2023 to 38.1% in 2024E, and the return on equity (ROE) is projected to turn positive at 0.9% in 2024E [2] - The net profit attributable to shareholders is forecasted to be 68 million yuan in 2024E, with a significant increase to 145 million yuan in 2025E, reflecting a growth rate of 113.6% [2][4]

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 证券代码：002153 证券简称：石基信息 北京中长石基信息技术股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | --- | |-----------------------|-----------------------------------------------------|--------------------------------------------------------|--------|----------------| | | | | 编号： | 2024-14 | | | 特定对象调研 | □ 分析师会议 | | | | 投资者关系 | □ 媒体采访 | □ 业绩说明会 | | | | 活动类别 | □ 新闻发布会 | □ 路演活动 | | | | | □ 现场参观 | □ 其他 | | | | 参与单位名 | 财通证券 - 吴泳莉；东方财富证券 | - 方科、晋佳旗；东方基金 | | - 马 | | 称及人员姓 | 良旭；方正证券 - | 景柄维；高信百诺 - 王亮；国盛证券 ...