Investment Rating - The report maintains a "Buy" rating for the company [4][24] Core Views - The company is actively pursuing high-quality development, with management expenses decreasing from 6% in 2022 to 5.21% in 2023. Profitability is showing signs of improvement starting from the second half of 2023, despite revenue remaining stable [1][24] - The company’s revenue for 2023 is reported at 2.254 billion yuan, a slight decrease of 0.75% year-on-year, while the net profit attributable to shareholders is 254 million yuan, an increase of 1.98% year-on-year [24] - The company’s earnings forecasts for 2024-2026 are 298 million yuan, 375 million yuan, and 433 million yuan respectively, with year-on-year growth rates of 17.2%, 25.9%, and 15.2% [1][3] Financial Summary - Revenue and profit forecasts for the company are as follows: - 2023A: Revenue 2,254 million yuan, Net Profit 254 million yuan - 2024E: Revenue 2,516 million yuan, Net Profit 298 million yuan - 2025E: Revenue 2,877 million yuan, Net Profit 375 million yuan - 2026E: Revenue 3,389 million yuan, Net Profit 433 million yuan - Corresponding EPS for 2024-2026 are projected at 0.73 yuan, 0.92 yuan, and 1.05 yuan, with PE ratios of 24.01, 19.07, and 16.56 respectively [3][1][24] - The company has seen significant growth in new customer orders, particularly in the northern and southwestern regions, with order growth rates of 34% and 171% respectively [24]

赛意信息（300687.SZ）/计 算机 证券研究报告/公司点评 2024 年 05 月 09 日 | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------|-----------------------------------------------|----------|--------------------------|-------|-------|-------| | [Table_Industry] [Table_Title] 评级：买入（维持） \n市场价格： 16.98 | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：闻学臣 | 营业收入（百万元） | 2,271 | 2,254 | 2,717 | 3,255 | 3,856 | | | 增长率 yoy% | 17.4% | -0.8% | 20 ...

一、保荐机构及保荐代表人陈述 1、保荐总结报告书及其相关资料的内容不存在虚假记载、误导性陈述或重 大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法律责任。 光大证券股份有限公司 关于广州赛意信息科技股份有限公司 向特定对象发行 A 股股票之保荐总结报告书 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意广州赛 意信息科技股份有限公司向特定对象发行股票注册的批复》（证监许可〔2021〕 2989 号），广州赛意信息科技股份有限公司（以下简称"赛意信息"或"公司"） 向特定对象发行人民币普通股（A 股）股票 27,083,333 股，发行价为每股人民币 24 元，募集资金总额为 649,999,992.00 元，坐扣承销和保荐费用 8,584,905.56 元 后的募集资金净额为 641,415,086.44 元。 光大证券股份有限公司（以下简称"光大证券"或"保荐机构"）作为赛意 信息向特定对象发行 A 股股票的保荐机构，持续督导期间为 2021 年 12 月 10 日 至 2023 年 12 月 31 日，目前持续督导期已经届满，根据中国证券监督管理委员 会《证券发行上市保荐业务管理办 ...

计算机 ——业绩短期承压，华为+AI 有望推动更快发展 | --- | --- | |------------------------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 03 月 31 日 | | 每股净资产（元） | 6.53 | | 资产负债率 % 总股本/ 流通 A 股（百万） | 22.79 410/322 | | 流通 B 股/H 股（百万） | -/- | 《赛意信息（300687）点评："寒气"渐 散，向上拐点已现》 2023/10/29 《赛意信息（300687）点评：业绩筑底期， 中长期空间广阔》 2023/09/03 报告原因：有业绩公布需要点评 买入（维持）投资要点： 公司发布 2023 年年报及 24Q1 财报。根据公告，公司 23 全年实现收入 22.54 亿元，yoy -0.75%；实现归母净利润 2.54 亿元，yoy +1.98%。24Q1 实现收入 5.40 亿元，yoy +4.51%；实现归母净利润 0.2 亿元，同比扭亏为盈。23 年 ...

关于控股股东、实际控制人增加一致行动人及一致行动人之间内部转让股份计划的提示性公告 证券代码：300687 证券简称：赛意信息 公告编号：2024-043 广州赛意信息科技股份有限公司 关于控股股东、实际控制人增加一致行动人 及一致行动人之间内部转让股份计划的提示性公告 本公司控股股东及实际控制人之一张成康先生保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 一、概述 近日，公司收到张成康先生的告知函。因资产规划需要，张成康先生计划在 本公告披露之日起十五个交易日后的三个月即 2024 年 5 月 29 日至 2024 年 8 月 28 日内通过大宗交易方式向玄元科新基金转让股份不超过 800 万股，占公司总 股本扣除回购股份数的 1.97%，同时与玄元科新基金签署《一致行动协议》。张 成康先生为玄元科新基金委托人，持有玄元科新基金 100%份额，双方建立一致 行动关系。在保持一致行动期间，玄元科新基金就行使股东权利时的股东表决权、 提案权、提名权、召集权等全权委托张成康先生行使。 关于控股股东、 ...

关于回购公司股份实施进展暨回购完成的公告 证券代码：300687 证券简称：赛意信息 公告编号：2024-042 广州赛意信息科技股份有限公司 关于回购公司股份实施进展暨回购完成的公告 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。 广州赛意信息科技股份有限公司（以下简称"公司"或"本公司"）于 2023 年 12 月 11 日召开第三届董事会第二十二次会议和第三届监事会第十九次会议， 审议通过了《关于回购公司股份方案的议案》，同意公司使用自有资金以集中竞 价交易的方式回购公司股份（以下简称"本次回购"），用于实施股权激励计划 或员工持股计划。本次回购股份资金总额不低于人民币 2,000 万元（含）且不超 过人民币 4,000 万元（含），回购股份价格不超过人民币 37.14 元/股（含）；本 次回购股份实施期限为自董事会审议通过回购方案之日起 12 个月内；如国家政 策作出调整，则本回购方案按调整后的政策实行。 具体内容详见公司于 2023 年 12 月 12 日披露的《关于回购公司股份方案的 公告》（公告编号：2023-098）及《关于以集中竞价交易方式回 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on expected performance [5]. Core Views - The company is expected to achieve revenues of 2.62 billion, 3.15 billion, and 3.77 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits projected at 308 million, 382 million, and 476 million yuan for the same years [5][6]. - The company has shown resilience in its smart manufacturing segment, with significant customer expansion and a focus on domestic and intelligent opportunities [4][17]. - The report highlights a recovery in Q3 profits and the acquisition of Beijing Sinobo to strengthen its market position among central state-owned enterprises [3][17]. Summary by Sections Financial Performance - For 2023, the company reported revenues of 2.254 billion yuan, a decrease of 0.75% year-on-year, while net profit was 254 million yuan, an increase of 1.98% [17]. - In Q1 2024, revenues increased by 4.51% year-on-year to 540 million yuan, with net profit rising significantly by 216.45% to 20.38 million yuan [17][18]. Business Segments - The company's ERP segment generated 1.219 billion yuan in revenue, down 1.70% year-on-year, while the smart manufacturing segment achieved 830 million yuan, up 2.56% year-on-year [17]. - The self-developed product licensing revenue exceeded 130 million yuan, indicating a growing recognition and potential for margin improvement [17]. Market Position and Strategy - The company has successfully expanded its customer base, adding over 230 new clients, which represents 21.66% of total customers, laying a solid foundation for future growth [17]. - The report emphasizes the company's collaboration with Huawei to develop new solutions aimed at enhancing smart manufacturing capabilities [4].

证券研究报告·公司点评报告·IT 服务Ⅱ | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 2,271 | 2,254 | 2,685 | 3,125 | 3,579 | | 同比（ % ） | 17.37 | (0.75) | 19.13 | 16.38 | 14.53 | | 归母净利润（百万元） | 249.47 | 254.40 | 305.52 | 365.68 | 427.06 | | 同比（ % ） | 11.10 | 1.98 | 20.09 | 19.69 | 16.79 | | EPS- 最新摊薄（元 / 股） | 0.61 | 0.62 | 0.74 | 0.89 | 1.04 | | P/E （现价 & 最新摊薄） | 28.44 | 27.89 | ...

Summary of Conference Call Notes Company and Industry Overview - The conference call focused on the company’s strategic direction, financial performance, and advancements in smart manufacturing and digital transformation amidst economic instability and the pandemic impact [2][3][4]. Key Points and Arguments Financial Performance - The company reported stable revenue and profit growth of approximately 2-3% year-over-year, despite challenges from external environments, particularly during the pandemic [11]. - The first quarter financial report indicated a gradual recovery towards normal operations, showcasing the company's robust management strategies and optimistic market outlook [2][3]. Strategic Initiatives - The company plans to deepen the development of smart manufacturing and industrial internet platforms, enhance partnerships with domestic and international collaborators, and promote AI technology applications to expand market share [2][3][4]. - Emphasis was placed on cost control and efficiency improvement through internal process optimization and personnel training [3][4]. Smart Manufacturing Sector - The smart manufacturing segment showed strong performance, with a focus on R&D investment and market expansion, particularly in collaboration with Huawei on industrial software solutions [5][11]. - The company aims to enhance gross margins through product innovation and upgrades, leveraging government subsidies, such as the 80% financial support from Guangdong Province, to reduce customer costs and accelerate market adoption [5][15]. Market Trends and Opportunities - The discussion highlighted the recovery potential in high-growth sectors like renewable energy and semiconductors, despite operational pressures [6][15]. - The company is optimistic about overseas market expansion, which, although smaller in scale, is seen as a significant growth driver due to higher gross margins [6]. R&D and Product Development - The company is increasing R&D efforts, particularly in AI and industrial internet, to respond quickly to customer needs and shorten product launch cycles [9][10]. - A new version of AI applications is expected to be released, focusing on resource efficiency and internal control improvements [12][13]. Human Resources Strategy - Plans for personnel expansion in the East China region include establishing R&D and delivery bases, with a focus on recruiting high-quality talent [8][19]. - The company anticipates a slowdown in overall personnel growth to align with business development needs, avoiding previous over-optimism [8][19]. Future Outlook - The company aims for over 20% growth in 2024, driven by core economic regions and new market opportunities [13][21]. - The management remains optimistic about achieving operational goals despite external uncertainties, emphasizing the importance of government support and collaboration with state-owned enterprises [2][6][13]. Additional Important Content - The company is exploring new business models and high-quality development paths to achieve higher revenue growth in the smart manufacturing sector [16][17]. - The establishment of an industrial software ecosystem and the promotion of domestic products are seen as crucial for adapting to the current market landscape [12][14]. - The company is committed to enhancing internal control capabilities and optimizing operational models to meet competitive market demands [10][20].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the market by over 20% [6][10]. Core Views - The company is a leader in intelligent manufacturing and is expected to benefit from the promotion of Huawei's MetaERP, which is anticipated to open new growth opportunities in the central state-owned enterprise market [7][10]. - In 2023, the company's revenue from the general ERP segment was 1.219 billion yuan, a year-on-year decrease of 1.70%, while the intelligent manufacturing segment achieved revenue of 830 million yuan, a year-on-year increase of 2.56% [6][25]. - The company reported an 8.7% year-on-year increase in orders, with significant growth in the northern and southwestern markets, where orders increased by 34% and 171% respectively [6][10]. Financial Summary - For 2023, the company achieved total revenue of 2.254 billion yuan, a slight decrease of 0.75% year-on-year, and a net profit attributable to shareholders of 254 million yuan, an increase of 1.98% year-on-year [25]. - The first quarter of 2024 saw revenue of 540 million yuan, a year-on-year increase of 4.51%, and a net profit of 20 million yuan, a significant year-on-year increase of 216.45% [25]. - The forecast for net profit attributable to shareholders for 2024-2026 is 320 million, 396 million, and 494 million yuan respectively, with corresponding EPS of 0.78, 0.97, and 1.21 yuan per share [10][12]. Market Position and Growth Potential - The company has added over 230 new clients in the year, accounting for 21.66% of its total client base, which lays a solid foundation for future market expansion [6][10]. - The successful completion of the self-developed platform's application module replacement for central enterprises indicates the platform's recognition in terms of security, stability, and reliability [7][10].