Investment Rating - The report maintains an "Outperform" rating for the company [7] Core Views - The company's big data business has achieved significant breakthroughs, with a strong order backlog supporting future growth. In the first half of 2024, revenue from big data products and solutions reached 1.277 billion yuan, a year-on-year increase of 17%, with a compound annual growth rate (CAGR) of 26% over the past four years. Excluding the impact of a subsidiary, revenue growth was 31% year-on-year, with a CAGR of 51% [5][6] - The company places a high emphasis on technology research and development, continuously advancing AI application scenarios. The dual-core technology approach, focusing on standardized products and solutions, aims to enhance operational efficiency and reduce costs for enterprises [4][6] - The company's overseas revenue has been growing, with a 55% year-on-year increase in the first half of 2024, marking a rise in the proportion of overseas income from 1% in the first half of 2022 to 7% in the first half of 2024 [6][7] Financial Summary - The company's revenue for 2023 is projected at 18.277 billion yuan, with a year-on-year growth of 3%. The net profit is expected to recover to 506 million yuan in 2024, following a significant loss in 2023 [5][9] - The gross profit margin is expected to improve from 14.67% in 2023 to 15.64% in 2024, with a projected net asset return rate of 7.44% in 2024 [5][9] - The company has a strong cash flow position, with operating cash flow expected to reach 988 million yuan in 2024 [10]
神州控股：大数据与境外业务表现优秀，排除子公司影响整体业绩稳步增长