Investment Rating - The investment rating for the company is "Buy" (maintained) [9]. Core Views - The company's revenue met expectations, with significant growth anticipated in electronic vouchers and medical insurance businesses [9]. - In 2023, the company achieved a revenue of 1.208 billion yuan, representing a year-on-year growth of 32.31%, and a net profit attributable to the parent company of 300 million yuan, up 15.92% year-on-year [9][11]. - The company is actively participating in the electronic voucher accounting data standardization pilot and has made significant progress in the medical insurance sector [10]. Financial Summary - Revenue Forecast: Expected revenues for 2024, 2025, and 2026 are 1.513 billion yuan, 1.952 billion yuan, and 2.502 billion yuan, with year-on-year growth rates of 25.3%, 29.0%, and 28.2% respectively [3][11]. - Net Profit Forecast: Projected net profits for the same years are 373 million yuan, 485 million yuan, and 629 million yuan, with growth rates of 24.5%, 30.0%, and 29.6% respectively [3][11]. - Gross Margin: The gross margin is expected to improve slightly from 56.4% in 2023 to 57.2% in 2026 [3][11]. - Return on Equity (ROE): ROE is projected to increase from 16.6% in 2023 to 19.1% in 2026 [3][11]. Business Segments - Payment Electronicization: Revenue from this segment was 646 million yuan, growing by 4.98% year-on-year, accounting for 53.5% of total revenue [9]. - Fiscal Budget Management: This segment saw a revenue increase of 84.17% year-on-year, contributing 18.1% to total revenue [9]. - Operation and Value-Added Services: Revenue grew by 61.22% year-on-year, making up 16.7% of total revenue [9]. - Industry Electronicization: This segment experienced a remarkable growth of 126.19% year-on-year [9]. - Cloud Services for Budget Units: Revenue increased by 183.82% year-on-year, contributing 4.5% to total revenue [9].
营业收入符合预期，会计电子凭证与医保业务成长可期