Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][18]. Core Insights - The company has experienced a doubling in new contract signings, with a new order amount of 9.476 billion yuan, representing a year-on-year growth of 98%. The total signed but unfulfilled contracts amount to 10.441 billion yuan, a 27% increase year-on-year, establishing a solid foundation for long-term and stable business growth [2]. - The company has successfully implemented a full-stack data intelligence solution in the smart supply chain scenario, achieving deep penetration of "AI for Process". This includes the development of supply chain algorithms tailored to different industry characteristics and the deployment of AI agents for operations, decision-making, and customer interactions [2][3]. - The company is expanding its hotel data intelligence solutions, having signed strategic cooperation agreements with major hotel chains and successfully digitizing services for over 300 high-end hotel locations [2]. Financial Summary - For the fiscal year 2023, the company reported a revenue of 18.277 billion yuan, with a projected revenue of 16.657 billion yuan for 2024, followed by an expected increase to 18.376 billion yuan in 2025, 20.681 billion yuan in 2026, and 22.664 billion yuan in 2027 [1]. - The net profit attributable to the parent company is projected to turn positive in 2025, with estimates of 231 million yuan, 442 million yuan, and 511 million yuan for 2025, 2026, and 2027 respectively, following a loss of 1.834 billion yuan in 2023 [1][3]. - The report forecasts an EPS of 0.14 yuan in 2025, increasing to 0.31 yuan by 2027, with a P/E ratio expected to improve from -2.9 in 2023 to 10.6 in 2027 [1][3].
神州控股（00861）：新签合同翻倍增长，业绩拐点已现