VENUSTECH(SZ:002439) Huajin Securities·2024-02-24 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment over the next six months [1]. Core Views - The company achieved revenue of 4.529 billion yuan in 2023, representing a year-on-year growth of 2.07%, while the net profit attributable to shareholders reached 735 million yuan, up 17.44% year-on-year [1]. - The company is expected to see significant growth driven by its collaboration with China Mobile, which is anticipated to enhance its business volume substantially [1]. - The report adjusts the revenue forecast for 2023-2025 to 4.529 billion, 5.371 billion, and 6.557 billion yuan respectively, with net profits projected at 735 million, 927 million, and 1.16 billion yuan [1]. Financial Data Summary - The company reported a gross profit margin of 62.2% in 2023, with a projected decline to 61.6% in 2024 and 61.1% in 2025 [2][3]. - The earnings per share (EPS) for 2023 is estimated at 0.60 yuan, with projections of 0.76 yuan for 2024 and 0.95 yuan for 2025 [2][3]. - The return on equity (ROE) is expected to improve from 9.2% in 2023 to 10.6% in 2024 and 11.8% in 2025 [2][3]. Business Outlook - The company is positioned as a leader in the domestic cybersecurity industry, with the change in control to China Mobile expected to bring substantial business growth [1]. - The collaboration with China Mobile is set to leverage its extensive network and digital resources, enhancing the company's service offerings in cloud security and other areas [1]. - The report highlights that the demand for cybersecurity solutions is expected to grow significantly, particularly from government and enterprise sectors undergoing digital transformation [1].