Investment Rating - The report maintains a "Buy" rating with a target price of HKD 6.58, corresponding to a PE ratio of 23.52 for 2024 [4][12]. Core Insights - The company's performance is stabilizing, with a focus on cost control and multiple emerging business lines showing growth potential. The anticipated recovery in the market and the release of self-controlled demand are expected to drive business growth beyond expectations [3][4]. Summary by Sections Earnings Forecast - The company is projected to achieve revenues of HKD 179.45 billion, HKD 195.54 billion, and HKD 212.60 billion for the years 2024, 2025, and 2026 respectively. The net profit attributable to shareholders is expected to be HKD 7.74 billion, HKD 9.71 billion, and HKD 12.40 billion for the same years [11][12]. Valuation Analysis - The report employs a PE valuation method, comparing the company to peers such as Saiyi Information and Zhongke Chuangda. The average PE for comparable companies in 2024 is 23.52, leading to a reasonable valuation of HKD 6.58 per share [12][13].
中国软件国际：基石业务企稳，自主创新业务有望放量