博彦科技（002649）：与阿里全面合作，Q1利润显著增长

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company has shown significant profit growth in Q1 2024, primarily due to a substantial reduction in financial expenses, which decreased from 25.96 million to -21.31 million [5] - The company is focusing on enhancing its consulting services and integrating software and hardware capabilities in the context of digital transformation [5] - The collaboration with Alibaba is pivotal, providing IT support services and contributing to the development of AI capabilities in financial technology and smart agriculture [7][8] Company Overview - The latest closing price is 13.15 yuan, with a total market capitalization of 7.7 billion yuan [4] - The company has a total share capital of 585 million shares, with 549 million shares in circulation [4] - The company’s debt-to-asset ratio stands at 29.1%, and the price-to-earnings ratio is 62.62 [4] Financial Performance - In 2024, the company achieved total revenue of 6.899 billion yuan, a year-on-year decrease of 4.5%, while the net profit attributable to shareholders was 124 million yuan, down 42.81% [5] - For Q1 2024, the company reported total revenue of 1.652 billion yuan, a year-on-year increase of 0.76%, and a net profit of 72 million yuan, up 271.83% [5] - The projected earnings per share (EPS) for 2025-2027 are 0.37, 0.45, and 0.52 yuan, respectively, with corresponding price-to-earnings ratios of 35.31, 29.11, and 25.13 [10] Business Development - The company has signed contracts worth over 810 million yuan in new business, focusing on digital agriculture and smart energy sectors [9] - The company is developing a comprehensive technology system for smart agriculture, leveraging IoT and big data [9] - The collaboration with major enterprises in the energy sector is expanding, with partnerships established with leading companies like China Three Gorges Corporation [9] Future Outlook - The company is expected to maintain a positive growth trajectory, with projected revenue growth rates of 8.35%, 7.46%, and 6.51% for the years 2025 to 2027 [12] - The company is enhancing its AI capabilities and developing customized solutions for financial institutions, which is anticipated to drive future growth [6][10]