动态点评：短期业绩承压，探索数字政务新模式

Investment Rating - The report maintains a "Buy" rating for Qitian Technology [9][15] Core Views - The company is expected to face short-term performance pressure due to macroeconomic conditions, but there is optimism regarding the expansion of its digital government services [9] - The revenue forecast for 2023-2025 has been revised downwards, with expected revenues of 0.95 billion, 1.14 billion, and 1.38 billion respectively, reflecting year-on-year growth rates of -24%, 20%, and 21% [9][10] - The net profit attributable to the parent company is projected to be a loss of 0.475 billion in 2023, with a significant recovery expected in subsequent years [9][10] Summary by Sections Company Overview - Qitian Technology's total market capitalization is approximately 2.76 billion, with a circulating market value of about 2.35 billion [3] - The company has experienced a 52-week price range of 8.35 to 4.11, with a 52-week decline of 42.05% [3] Financial Performance - The company anticipates a revenue of 0.8 to 1.1 billion for 2023, with a net loss projected between 0.37 billion and 0.53 billion [6] - The company has increased its investment in technology system platform development due to intensified competition in the digital marketing sector [6] Business Strategy - Since becoming state-owned in 2022, Qitian Technology has leveraged its resources to gain a competitive edge in government services, collaborating with over ten cities on mobile government platforms [7] - The company aims to transition its business model from TOG (government to consumer) to TOG+TOB (government to business) by integrating vast information resources for B-end enterprises [7] Market Outlook - The digital government sector in China is entering a phase of quality improvement, with a significant user base of 926 million for online government services as of December 2022 [14] - Qitian Technology has signed a cooperation agreement with Changsha's media technology company to enhance its urban government mobile platform [14]