Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 13.85 [2][5]. Core Views - The macroeconomic environment is impacting the industry, leading to cautious spending from government and enterprise sectors. The capital expenditure from telecom operators on 5G is nearing its end, affecting the ICT software and information services sector. The average revenue growth for comparable companies in the industry for the first three quarters is only 1.15% [2][3]. - Despite the overall low growth in the industry, the company is expected to maintain a positive growth trajectory in its new business segments, with a projected revenue increase of 0.5% to 2.5% for the year ending December 31, 2023 [3][5]. Summary by Sections Company Overview - The company, AsiaInfo Technologies, was established on July 15, 2003, with a registered capital of HKD 10,000 and employs 13,235 people. The chairman is Tian Shuning [2]. Financial Performance - The company anticipates a revenue growth of approximately 0.5% to 2.5% for the year 2023, with a projected revenue of around RMB 77.38 billion. However, profits are expected to decline by 37% to 43% due to non-operating factors, including asset impairments [3][5]. - The company’s traditional BSS business is expected to decline by about 3%, while new business segments are projected to grow positively, particularly OSS and vertical industry cloud services [3][7]. Shareholder Structure - As of June 30, 2023, major shareholders include CITIC Capital Holdings Limited (22.87%), China Mobile (19.49%), and Tian Shuning (12.91%) [3][4]. Market Comparison - The report highlights that AsiaInfo Technologies has a significant valuation advantage compared to its peers, with a projected PE ratio of 7.97, while the industry average is 48.2 [6][7]. Future Projections - The company’s revenue is projected to reach approximately HKD 78.52 billion in 2023, with expectations of continued growth in new business segments, which are expected to account for 36% of total revenue by 2024 [5][7].
宏观环境冲击行业，三新业务砥砺前行