Seeyon(688369) 海通国际·2024-06-17 01:30Investment Rating - The report assigns an OUTPERFORM rating to Seeyon Internet Software with a target price of RMB 24 [10] Core Viewpoints - The company's performance in 2023 was under pressure, but marginal improvement was observed in Q1 2024, with revenue reaching RMB 1.05 billion, up 1.18% YoY, and net loss attributable to shareholders narrowing by 23.75% YoY in Q1 2024 [12][19] - The company is transitioning from OA (collaborative office) to COP (collaborative operations), expanding its business boundaries, with non-OA revenue accounting for 81.04% of direct sales in 2023 [12][20] - A restricted stock incentive plan was introduced in 2024 to boost employee motivation, with performance targets set for revenue growth in 2024-2026 [12][20] Financial Performance - In 2023, the company's sales/G&A/R&D expense ratios were 42.98%/8.69%/22.67%, up 3.82pct/0.21pct/2.82pct YoY, while the gross profit margin (GPM) was 68.44%, down 3.78pct YoY [12][19] - Q1 2024 revenue was RMB 183 million, up 11.78% YoY, driven by enhanced customer value marketing, with GPM improving to 67.46%, up 4.37pct YoY [12][19] - The company's 2024-2026 revenue is projected to be RMB 1.16/1.29/1.44 billion, with net profits of RMB 69/84/106 million and EPS of RMB 0.60/0.73/0.92 [12][21] Business Expansion - In 2023, CAP (low-code platform) contracts totaled RMB 622 million, up 10.56% YoY, and direct sales in the information innovation sector reached RMB 179 million, up 74.77% YoY [12][20] - The company's year-end backlog and annual contract value both grew over 20% YoY, with contract numbers up about 15% [12][20] Industry and Market Position - The company's product system integrates AI capabilities, which is expected to enhance product performance and user experience [12][21] - The report maintains a 40x PE for 2024, with a target price of RMB 24, reflecting confidence in the company's growth trajectory [12][21]