Workflow
2023年业绩点评:业务结构优化,降本增效驱动盈利拐点向上

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - Mingyuan Cloud (0909.HK) reported a revenue of 1.64 billion RMB in 2023, a year-on-year decrease of 9.7%, primarily due to the ongoing adjustment in the domestic residential market [2] - The company achieved a gross profit of 1.303 billion RMB, with a gross margin of 79.5%, down 2 percentage points year-on-year [2] - Net loss narrowed to 587 million RMB, a 49.4% improvement compared to the previous year, while adjusted net loss significantly reduced by 72.9% to 170 million RMB, attributed to ongoing cost reduction and efficiency improvement efforts [2] - The company has a strong cash reserve of approximately 4.392 billion RMB as of December 31, 2023, and plans to distribute a special dividend of 0.1 HKD per share for 2023 [2] Revenue Structure and Performance - The revenue structure continues to optimize, with project construction and asset management income maintaining high growth rates [2] - Localized software and service revenue was 301 million RMB, down 22.8% year-on-year, while cloud service revenue was 1.34 billion RMB, down 6.2%, accounting for 81.6% of total revenue [2] - Customer relationship management revenue was 946 million RMB, down 9.2%, with cloud customer product revenue at 869 million RMB, down 4.9% [2] - Project construction revenue increased by 32.7% to 157 million RMB, driven by clearer digital transformation budgets from state-owned enterprises [2] - Asset management and operations combined revenue was approximately 87 million RMB, up 42% year-on-year [2] Cost Reduction and Efficiency Improvement - Significant cost reduction and efficiency improvement results were achieved in 2023, with operating expenses (excluding share-based payments) decreasing by 16.9% to 1.67 billion RMB [2] - Management, R&D, and sales expenses decreased by 20.6%, 22.4%, and 11.7% respectively [2] - The company’s per capita output value reached 557,000 RMB, an increase of 15.8% year-on-year [2] Profit Forecast and Valuation - The company continues to expand its industrial infrastructure and existing market, optimizing product layout and focusing on state-owned enterprise clientele [2] - Revenue forecasts for 2024 and 2025 have been adjusted down to 1.65 billion RMB and 1.76 billion RMB respectively, with a new forecast for 2026 set at 1.84 billion RMB [2] - Non-GAAP net profit forecasts for 2024 and 2025 have been revised down to 15 million RMB and 57 million RMB respectively, with a new forecast for 2026 at 108 million RMB [2]