BizConf(SZ:300578) Tianfeng Securities·2025-02-21 14:07Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company is expected to achieve a net profit attributable to shareholders of 25 million to 37.5 million yuan in 2024, marking a turnaround from losses in the previous year [1][2] - The company has implemented cost reduction and efficiency improvement measures, leading to a decrease in expense ratios [2] - The company focuses on AI and cloud-based video communication services, aiming to provide a comprehensive solution for large enterprises [3][4] Financial Performance Summary - In 2023, the company recorded a net profit attributable to shareholders of -443 million yuan, but is projected to recover in 2024 with a net profit of 27.06 million yuan [4][9] - Revenue for 2024 is expected to be approximately 468.35 million yuan, showing a slight increase from 454.71 million yuan in 2023 [9][10] - The company’s sales expense ratio decreased by 5.23 percentage points to 9.67% in 2024, while the management expense ratio fell by 4.05 percentage points to 9.48% [2] Industry Positioning - The company is recognized as a leading brand in AI and cloud video communication, targeting various sectors including government, education, healthcare, technology, finance, and renewable energy [3][4] - The company is enhancing its AI capabilities by integrating with leading AI models, thereby strengthening its product offerings [3][4] Profit Forecast Adjustments - The forecast for net profit attributable to shareholders for 2024 and 2025 has been adjusted downwards to 27.06 million yuan and 7.07 million yuan respectively, with a projected net profit of 734,000 yuan in 2026 [4][9]