SIE(SZ:300687) Haitong Securities·2024-10-08 06:11Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company has announced a 2024 restricted stock incentive plan, proposing to grant 7.65 million shares, accounting for 1.87% of the total share capital, with a grant price of 14.98 yuan per share. The profit growth targets are set at a compound annual growth rate of no less than 20% for the years 2025 to 2027 [4] - The company has also launched its first partner stockholding plan, involving up to 4.993 million shares, approximately 1.22% of the total share capital, with a repurchase price of 8.48 yuan per share. The performance targets align with the aforementioned incentive plan [4] - The company reported a revenue of 1.071 billion yuan for the first half of 2024, a year-on-year increase of 1.33%, and a net profit of 30 million yuan, up 34.18% year-on-year, with a gross margin improvement to 30.39% [4] - The company is positioned to benefit from the Ministry of Industry and Information Technology's guidelines promoting the update and technological transformation of industrial software, which is expected to accelerate the domestic software localization process [5] - The company has established a strategic partnership with Huawei, enhancing its capabilities in AI and digital solutions for the manufacturing sector [7] - Revenue and profit forecasts for the company are projected to be 2.392 billion yuan, 2.703 billion yuan, and 3.109 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 276 million yuan, 336 million yuan, and 413 million yuan [6][9] - The company’s dynamic PE ratio for 2024 is estimated to be between 35-45 times, with a reasonable value range of 23.57 to 30.31 yuan over the next six months [7] Financial Summary - The company’s total revenue for 2023 is estimated at 2.254 billion yuan, with a projected growth to 2.392 billion yuan in 2024, reflecting a year-on-year growth of 6.1% [6][9] - The net profit for 2023 is projected at 254 million yuan, increasing to 276 million yuan in 2024, representing an 8.6% growth [6][9] - The gross margin is expected to slightly improve from 35.6% in 2023 to 35.8% in 2024 [9] - The company’s return on equity is projected to be 9.4% in 2024, increasing to 11.2% by 2026 [9]