Beijing Shiji Information Technology (SZ:002153) Minsheng Securities·2025-02-09 11:39Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 7.45 yuan [6][7]. Core Viewpoints - The signing of a significant contract with Rosewood Hotel Group highlights the company's technological leadership and marks another milestone in its internationalization and cloud transformation efforts [3][4]. - The company is positioned as a new generation technology innovator in the global hotel industry, with the potential for further expansion due to its strong capabilities demonstrated through this contract [4][5]. - The SaaS business is experiencing rapid growth, with a notable increase in annual recurring revenue (ARR) of approximately 30.8% year-over-year, reaching 446.91 million yuan by June 2024 [5][6]. Summary by Sections Company Events - On February 5, 2025, the company announced a major contract with Rosewood Hotel Group, allowing access to its enterprise-level hotel information systems and cloud solutions [3][4]. SaaS Business Development - As of mid-2024, the Infrasys cloud POS system has signed contracts with the top five global hotel groups, with nearly 4,000 clients onboarded [5]. - The company has successfully implemented its enterprise platform in over 433 hotels across more than 20 countries, including over 300 hotels within the InterContinental Hotel Group [5]. Financial Forecast - The company anticipates revenue growth in 2024, with projected revenues of 3,419 million yuan, a 24.4% increase from the previous year [9][10]. - Despite expected profit declines due to R&D investments and asset impairments, the long-term outlook remains positive, supported by ongoing significant orders [6][9].