BURTC(600861) 广发证券·2024-07-17 01:01Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 22.89 CNY per share based on a 15x PE for 2024 [11][17]. Core Insights - The company is expected to show stable performance in the first half of 2024, with a significant increase in Q2 compared to Q1. The projected net profit attributable to the parent company for 2024H1 is estimated to be between 350 million to 450 million CNY, representing a year-on-year growth of 66.0% to 113.4% [9][11]. - The outsourcing business is expected to support growth resilience, with ongoing digital transformation efforts enhancing quality and efficiency. The company has built a strong client base and is likely to deepen customer value through cross-selling [9][11]. - Profit forecasts indicate net profits attributable to the parent company for 2024, 2025, and 2026 are projected to be 860 million, 963 million, and 1.07 billion CNY respectively, reflecting a robust growth trajectory [9][11]. Financial Summary - The company's revenue for 2022 was 32.34 billion CNY, with a projected increase to 38.31 billion CNY in 2023, and further growth to 45.96 billion CNY in 2024, indicating a growth rate of 18.5% [11][14]. - The EBITDA for 2024 is expected to be 1.71 billion CNY, with a net profit of 864 million CNY, showing a significant increase from previous years [11][14]. - The report highlights a strong return on equity (ROE) forecasted to reach 12.6% by 2024, up from 9.1% in 2023 [11][14].