浪潮数字企业：国资ERP龙头，云产品体系全面升级

Investment Rating - The report assigns an "Outperform" rating to the company, indicating expected performance above the market average [13]. Core Insights - The company is positioned as a leader in the enterprise resource planning (ERP) sector, focusing on enterprise software and cloud services, with a comprehensive upgrade of its cloud product system [13][15]. - The company achieved significant revenue growth in 2023, with total revenue reaching 82.94 billion yuan, a year-on-year increase of 19.1%, and a net profit of approximately 2.02 billion yuan, reflecting a 69.9% increase [14][17]. - The company has a strong competitive edge in the state-owned enterprise and large enterprise markets, driven by continuous investment in research and development, particularly in cloud services and digital transformation solutions [7][8]. Financial Performance Summary - Revenue projections for 2024-2026 are 97.24 billion yuan, 113.91 billion yuan, and 131.40 billion yuan, with year-on-year growth rates of 17.2%, 17.1%, and 15.4% respectively [8][19]. - Net profit forecasts for the same period are 3.06 billion yuan, 4.39 billion yuan, and 6.22 billion yuan, with growth rates of 51.6%, 43.7%, and 41.7% respectively [8][19]. - The company’s earnings per share (EPS) are projected to be 0.27 yuan, 0.38 yuan, and 0.55 yuan for 2024, 2025, and 2026 respectively [8][17]. Business Segmentation - The cloud services segment is expected to grow significantly, with projected revenues of 2.80 billion yuan in 2024, 3.86 billion yuan in 2025, and 5.10 billion yuan in 2026, reflecting growth rates of 40%, 38%, and 32% respectively [19]. - The enterprise management software segment is projected to grow steadily, with revenues of 4.21 billion yuan in 2024, 4.55 billion yuan in 2025, and 4.78 billion yuan in 2026, with growth rates of 10%, 9.8%, and 9.6% respectively [19]. - The Internet of Things (IoT) segment is expected to see slower growth, with revenues of 0.83 billion yuan in 2024, 0.97 billion yuan in 2025, and 1.31 billion yuan in 2026, with growth rates of 10%, 8%, and 5% respectively [19].