I2SOFT(830799) 东吴证券·2024-02-29 16:00Investment Rating - The report maintains a "Buy" rating for the company [1][5]. Core Views - The company's revenue remained stable with a slight decline, while profitability significantly increased, aligning with market expectations [1][3]. - The long-term development momentum of the company is strong, and the management team is confident [2][3]. - The company has successfully entered into major client relationships, enhancing its profitability [3][17]. - The company has initiated a small-scale stock buyback plan to incentivize employees, with a total repurchase amount between 3.27 million and 6.54 million yuan, at a price not exceeding 13.08 yuan per share [4]. - The company’s net profit forecast for 2023-2025 has been adjusted to 71.32 million, 104.45 million, and 129.54 million yuan respectively, with corresponding dynamic PE ratios of 38, 26, and 21 times [5][16]. Financial Performance Summary - In 2023, the company achieved a revenue of 600.46 million yuan, a year-on-year decrease of 0.92%, while the net profit attributable to shareholders was 71.32 million yuan, reflecting a year-on-year increase of 38.45% [16][17]. - The basic earnings per share for the reporting period was 0.34 yuan, a growth of 36% compared to the previous year [16]. - The company’s total assets are expected to reach 930 million yuan, a growth of 30.26% from the beginning of the period, and the equity attributable to shareholders is projected to be 390 million yuan, an increase of 9.98% [16][17]. - The company has been selected as a supplier for the software development services for the Bank of Communications for the 2024-2027 period, which is expected to enhance its market competitiveness [17][18]. - The company has also received approval for a key national research and development project focused on financial data synthesis and risk monitoring, which aims to support the healthy and stable development of the financial industry [18].