Beijing Shiji Information Technology (002153) 兴业证券·2024-09-16 02:11Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 1.382 billion yuan in H1 2024, representing a year-on-year growth of 15.09%, with a net profit attributable to shareholders of 25 million yuan, up 10.83% year-on-year [2][3] - The company continues to focus on platformization and globalization strategies, with significant growth in its SaaS business, which saw an annual recurring revenue (ARR) of 447 million yuan in H1 2024, a year-on-year increase of approximately 30.8% [3] - The company has successfully signed benchmark clients in the hotel industry, including major international hotel groups, and has a high renewal rate of over 90% for its SaaS business [3] Financial Summary - For the fiscal year 2024E, the company is projected to generate a revenue of 3.255 billion yuan, with a year-on-year growth of 18.4% [2] - The gross profit margin is expected to improve from 37.7% in 2023 to 38.1% in 2024E, and the return on equity (ROE) is projected to turn positive at 0.9% in 2024E [2] - The net profit attributable to shareholders is forecasted to be 68 million yuan in 2024E, with a significant increase to 145 million yuan in 2025E, reflecting a growth rate of 113.6% [2][4]