Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected outperformance relative to the market by more than 20% [21] Core Views - The company achieved a record high revenue in 2023, with a year-on-year increase of 23.3% to 421 million yuan, and a net profit attributable to the parent company of 25.04 million yuan, up 67.9% year-on-year [1] - The company is expected to see significant growth in its high-margin high-speed rail business, with revenue projected to increase by 97.0% in 2023 [33] - The company has secured multiple qualifications, including communication network security service capabilities and construction project contracting, which will support its future business development [33] Financial Performance - The company's revenue for 2023 is projected to be 421 million yuan, with a net profit attributable to the parent company of 25 million yuan [3] - The company's gross margin is expected to improve from 21.7% in 2023 to 26.6% in 2025, with net profit margins also increasing from 5.9% to 13.3% over the same period [3] - The company's ROE is forecasted to rise from 8.9% in 2023 to 20.7% in 2025, indicating improving profitability [3] Business Development - The company has successfully bid for the GPU cluster computing system project for Hangzhou Westlake University, with a total contract value of approximately 178 million yuan [2] - The company is deepening its cooperation with major telecom operators, which hold over 60% of the market share in the computing power market, to accelerate its strategic deployment in the computing power network construction market [2] - The company aims to become a leading player in the high-speed rail public network segment, with a focus on optimizing its business structure and expanding its high-margin high-speed rail business [33] Market Position - The company's current market capitalization is 828 million yuan, with a circulating market capitalization of 488 million yuan [19] - The company's stock has a P/E ratio of 33.2x for 2023, which is expected to decrease to 9.4x by 2025, indicating potential undervaluation [3] - The company's stock has a high turnover rate of 261.04% over the past three months, reflecting strong market interest [19]
北交所信息更新：深度合作通信运营商，切入算力服务赛道