Beijing Shiji Information Technology (SZ:002153) Minsheng Securities·2024-11-01 16:00Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company achieved significant growth in non-recurring profit, with a 123.91% year-on-year increase in non-recurring net profit for the first three quarters of 2024, amounting to 1.167 billion yuan [2]. - The signing of a contract with Kempinski Hotel S.A. for providing SaaS services further validates the company's strength and market position [2]. - The company's SaaS business continues to grow rapidly, with an annual recurring revenue (ARR) of approximately 446.91 million yuan, reflecting a 30.8% increase compared to the previous year [2]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 2.016 billion yuan, a year-on-year increase of 8.46%, and a net profit attributable to shareholders of 15.88 million yuan, up 10.16% [2]. - The forecast for 2024-2026 indicates net profits of 84 million yuan, 210 million yuan, and 475 million yuan, respectively, with corresponding price-to-earnings (PE) ratios of 248X, 99X, and 44X [2][3]. - The projected revenue for 2024 is 3.419 billion yuan, representing a growth rate of 24.4% [3]. Business Development - The company has signed contracts with several major hotel groups, including InterContinental and Peninsula, expanding its international presence [2]. - The SaaS business is expected to leverage its established client base to drive future growth, with a focus on internationalization and cloud services [2].