Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% in the next six months [4][18]. Core Views - The company's performance in 2023 met expectations, with revenue reaching 10.897 billion yuan, a year-on-year increase of 28.5%, and a net profit attributable to shareholders of 609.65 million yuan, up 59.0% year-on-year [13]. - The company has seen significant growth across its three main business segments, driven by the rapid development of the new energy vehicle market and increased demand in commercial vehicles [13]. - The company has achieved overall profitability in the North American region as of Q1 2024, reflecting successful global operations and localization strategies [13]. Financial Summary - Revenue Forecast: The company is projected to achieve revenues of 10.897 billion yuan in 2023, 13.420 billion yuan in 2024, and 16.584 billion yuan in 2025, with year-on-year growth rates of 28.51%, 23.15%, and 23.57% respectively [5][13]. - Net Profit Forecast: The net profit attributable to shareholders is expected to be 609.65 million yuan in 2023, 806.48 million yuan in 2024, and 1.04673 billion yuan in 2025, with corresponding year-on-year growth rates of 59.06%, 32.28%, and 29.79% [5][13]. - Earnings Per Share: The basic earnings per share are projected to be 0.76 yuan in 2023, 1.00 yuan in 2024, and 1.30 yuan in 2025 [5][13]. - Price-to-Earnings Ratio: The estimated P/E ratios are 23.36 for 2023, 17.66 for 2024, and 13.61 for 2025 [5][13].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% in the next six months compared to the Shanghai Composite Index [6][8]. Core Views - The company achieved steady revenue growth with a total revenue of 1.347 billion yuan in 2023, representing a year-on-year increase of 5.01%. However, the net profit attributable to shareholders decreased by 8.83% to 168 million yuan [3][6]. - The company is focusing on three strategic areas: medical insurance, digital governance, and smart city initiatives, which are expected to drive future growth [6][4]. - The company has significantly improved its cash flow from operating activities, which reached 188 million yuan, a year-on-year increase of 401.38% [3]. Revenue and Profit Analysis - In 2023, the medical insurance business generated 707 million yuan in revenue, up 15.07%, while the digital governance business saw a decline of 7.48% to 550 million yuan. The smart city business experienced substantial growth, with revenue increasing by 62.81% to 68 million yuan [3][4]. - The company's R&D investment reached 276 million yuan, accounting for 20.51% of its revenue, reflecting a year-on-year increase of 12.29% [5]. Financial Forecast - The forecast for 2024-2026 projects revenues of 1.547 billion yuan, 1.746 billion yuan, and 1.945 billion yuan, respectively. The net profit attributable to shareholders is expected to be 198 million yuan, 231 million yuan, and 265 million yuan for the same period [6][12]. - The earnings per share (EPS) are projected to be 0.49 yuan, 0.57 yuan, and 0.65 yuan, with corresponding price-to-earnings (P/E) ratios of 41.67, 35.65, and 31.09 [6][12]. Market Position and Strategy - The company is actively exploring innovative applications of medical insurance data and expanding its smart city business, having undertaken multiple projects in various regions [4][5]. - The company aims to leverage the AIGC wave by developing large models for the public welfare sector and integrating AI into healthcare, digital governance, and smart city initiatives [5].

[Table_Main] 公司研究|能源|能源Ⅱ 证券研究报告 杰瑞股份(002353)公司点评报告 2024年04月09日 [TablQe_T4itle业] 绩略超预期，海外业绩增长亮眼 [Table_Inves 买t] 入|维持 ——杰瑞股份 2023 年度报告点评 [事Ta件ble：_S ummary] [ Table_TargetPr ice] 公司发布 2023 年度报告：2023 年公司实现营收 139.12 亿元，同比增长 21.94%；对应实现归母净利润24.54亿元，同比增长9.33%；实现扣非归 [基Ta本bl数e_据Ba se] 母净利润23.87亿元，同比增长12.27%。其中第四季度公司实现收入51.56 52周最高/最低价（元）： 33.16 / 23.11 亿元，同比上升20.02%，实现归母净利润8.90亿元，同比上升18.78%。 A股流通股（百万股）： 693.44  油气工程及设备增长迅速，海外市场表现亮眼 A股总股本（百万股）： 1023.86 2023年Q1-Q4公司分别实现营收22.80/31.40/33.36/51.56亿元，同比分 流通市值（百万元）： 221 ...

[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 宝信软件(600845)公司点评报告 2024年04月09日 [Table_Invest] [Tab盈le_T利itle能] 力持续提升，加快新兴产业布局 买入|维持 ——宝信软件(600845.SH)2023年年度报告点评 [当Ta前b价le_：T argetPr3ic6e.1] 2元 [事Ta件ble：_S ummary] 公司于2024年3月29日收盘后发布《2023年年度报告》。 [基Ta本bl数e_据Ba se] 点评： 52周最高/最低价（元）： 60.57 / 35.80  主要经营指标保持稳健增长，经营质量与效率效益持续提升 A股流通股（百万股）： 2338.32 2023年，公司坚持规划引领，通过战略转型进一步提升产品化、平台化能 A股总股本（百万股）： 2403.67 力，全年主要经营指标保持稳健增长，营收利润率进一步提高。公司全年实 流通市值（百万元）： 84459.97 现营业收入129.16亿元，同比减少1.78%，其中，软件开发及工程服务营 总市值（百万元）： 86820.73 业收入为93.22亿元，同比减 ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------|---------|---------|---------|---------|---------|---------------------------------|--------|--------|--------|---------|---------| | [Table_FinanceDetail 财务预测表 ] \n资产负债表 单位：百万元 \n会计年度 | \n2022 | 2023 | 2024E | 2025E | \n2026E | 利润表 单位：百万元 \n会计年度 | 2022 | 2023 | 2024E | 2025E | 2026E | | 流动资产 | 1122.05 | 1164.26 | 1269.60 | 1451.00 | 1688.41 | 营业收入 | 540.87 | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% in the next six months compared to the Shanghai Composite Index [26][45]. Core Insights - The company achieved significant revenue growth in 2023, with total revenue reaching 3.2515 billion yuan, a year-on-year increase of 43.50%. The net profit attributable to shareholders was 179.23 million yuan, up 75.66% year-on-year, and the net profit after deducting non-recurring items was 367 million yuan, reflecting a remarkable growth of 262.50% [1]. - The rapid growth in revenue is primarily driven by the sales of new energy charging piles and diagnostic products. The new energy charging pile segment saw an extraordinary revenue increase of 493.21%, reaching 567 million yuan [1]. - The company has successfully expanded its market presence in North America, signing contracts with several large enterprises ranked among the top 50 globally, and establishing an innovation center in Southern California to enhance product testing and quality control [5]. Financial Performance Summary - In 2023, the company reported a total revenue of 3.2515 billion yuan, with a year-on-year growth of 43.50% [10]. - The net profit attributable to shareholders was 179.23 million yuan, marking a 75.66% increase compared to the previous year [10]. - The company’s cash flow from operating activities reached 434.06 million yuan, a significant increase of 213.34% year-on-year [22]. - The forecast for future revenue is optimistic, with projected revenues of 3.864 billion yuan, 4.571 billion yuan, and 5.346 billion yuan for 2024, 2025, and 2026, respectively [45]. Product and Market Development - The company has solidified its leadership in the traditional fuel vehicle diagnostic market while expanding into the new energy vehicle diagnostic market through continuous product and technological innovation [2]. - The launch of the innovative product MS909CEV has positioned the company as a preferred solution provider for new energy vehicle diagnostics in the domestic market [2]. - The establishment of a production facility in North Carolina, USA, marks a historic achievement for the company, making it one of the few Chinese new energy companies to meet U.S. regulatory requirements [5].

[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 广联达(002410)公司点评报告 2024年04月08日 [Table_Invest] [Tab经le_T营itle业] 绩短期承压，加大研发布局未来 买入|维持 ——广联达(002410.SZ)2023年年度报告点评 [当Ta前b价le_：T argetPr1ic1e.3] 2元 [事Ta件ble：_S ummary] 公司于2024年3月25日收盘后发布《2023年年度报告》。 [基Ta本bl数e_据Ba se] 点评： 52周最高/最低价（元）： 71.13 / 10.90  公司整体业务开展节奏受建筑行业开工情况影响，业绩有所承压 A股流通股（百万股）： 1588.83 2023年，受建筑行业开工情况影响，公司整体业务开展节奏受到影响，全 A股总股本（百万股）： 1664.87 年实现营业收入65.25亿元，同比下降0.42%，实现归母净利润1.16亿元， 流通市值（百万元）： 17985.61 同比下降88.02%，主要是人力成本、折旧摊销和资产减值增加所致。分产 总市值（百万元）： 18846.32 品看，数字成本业务实现 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% in the next six months compared to the Shanghai Composite Index [7][9]. Core Insights - The company achieved a revenue of 9.796 billion yuan in 2023, representing a year-on-year growth of 5.8%. However, it reported a net loss attributable to shareholders of 967 million yuan [4]. - The company completed a significant organizational model upgrade in 2023, transitioning from a region-based to an industry-based model for large enterprise clients, which is expected to positively impact future business growth [4]. - The launch of the enterprise service model YonGPT is aimed at enhancing digital transformation for clients across various sectors, contributing to a revenue increase of 7.8% in enterprise customer business [5]. - The company initiated a Globalization 2.0 strategy in 2023, expanding its market presence beyond Hong Kong, Macau, and Southeast Asia to Europe, North America, the Middle East, and Japan [6]. Financial Performance - The company forecasts revenues of 10.915 billion yuan, 12.016 billion yuan, and 13.031 billion yuan for 2024, 2025, and 2026, respectively, with net profits projected to be 134 million yuan, 392 million yuan, and 656 million yuan during the same period [7][12]. - The earnings per share (EPS) are expected to improve from -0.28 yuan in 2023 to 0.04 yuan in 2024, 0.11 yuan in 2025, and 0.19 yuan in 2026, reflecting a recovery in profitability [12].

[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 [Table_Summary] 事件： 公司于 2024 年 3 月 26 日收盘后发布《2023 年年度报告》。 产品升级换代提速，核心产品订单大涨 随着教育数字化转型以及人工智能在教育领域的不断应用，教育对信息化 建设需求将维持稳定增长，市场将迎来更广阔的发展空间，公司有望充分受 益。预测公司 2024-2026 年的营业收入为 8.22、10.74、13.48 亿元，归母 净利润为 1.96、2.68、3.49 亿元，EPS 为 0.49、0.67、0.87 元/股，对应 的 PE 为 26.36、19.25、14.81 倍。考虑到行业的景气度和公司的未来的成 长空间，维持"买入"评级。 风险提示 政策延期落实的风险；行业依赖程度较高风险；毛利率波动风险；管理风险； 技术风险。 [Table_ 过去一年股价走势 PicQuote] -30% -6% 18% 42% 66% 3/31 6/30 9/29 12/29 3/29 佳发教育 沪深300 | --- | --- | |----------------------------| ...

Investment Rating - The report maintains a "Buy" rating for LongRuan Technology [8] Core Views - LongRuan Technology achieved a total operating revenue of 396.11 million yuan in 2023, representing a year-on-year growth of 8.56%. The net profit attributable to the parent company was 84.32 million yuan, up 5.39% year-on-year [26] - The company has increased its marketing efforts, resulting in new orders amounting to 460 million yuan, laying a solid foundation for future business development [26] - The intelligent mining industrial software segment generated revenue of 362 million yuan, a growth of 10.70%, with the management platform business accounting for over 40% of this revenue [26] Financial Performance Summary - Revenue and Profit Growth: - 2023 operating revenue: 396.11 million yuan, up 8.56% from 2022 - 2023 net profit: 84.32 million yuan, up 5.39% from 2022 - 2023 net profit excluding non-recurring items: 83.34 million yuan, up 2.52% from 2022 [26][31] - Revenue Breakdown: - Intelligent mining software revenue: 362 million yuan, up 10.70% - Management platform revenue: over 178 million yuan, accounting for over 40% of total revenue - Intelligent geological assurance revenue: over 94 million yuan, with a growth rate exceeding 70% [26][27] Future Projections - Forecasted operating revenue for 2024-2026: - 2024: 474 million yuan - 2025: 558 million yuan - 2026: 647 million yuan - Forecasted net profit for 2024-2026: - 2024: 107 million yuan - 2025: 133 million yuan - 2026: 159 million yuan - Projected EPS for 2024-2026: - 2024: 1.49 yuan - 2025: 1.84 yuan - 2026: 2.21 yuan [28][31] Valuation Metrics - Projected P/E ratios for 2024-2026: - 2024: 18.45 - 2025: 14.95 - 2026: 12.45 [31][43]