INESA-it(SH:600602) Guohai Securities·2024-03-31 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a key player in Shanghai's digital transformation, benefiting from the dual drivers of "computing power + data operation" [1][7] - In 2023, the company reported a revenue of 5.264 billion yuan, a year-on-year increase of 16.09%, and a net profit attributable to shareholders of 193 million yuan, up 6.70% year-on-year [2][9] - The company is expected to continue to benefit from the ongoing construction of the Songjiang Data Center and the accelerated implementation of data element industry planning [9][14] Financial Performance - In Q4 2023, the company achieved a revenue of 1.558 billion yuan, a year-on-year increase of 8.38%, and a net profit of 37 million yuan, up 28.90% year-on-year [2] - The gross profit margin for 2023 was 17.99%, a decrease of 1.75 percentage points year-on-year, attributed to the business expansion phase of industry solutions [2] - The company’s R&D expenses were 373 million yuan, a year-on-year increase of 3.28%, accounting for 7.08% of revenue [2] Market Position and Growth - The company’s industry solutions revenue grew by 51.92% year-on-year, reaching 2.204 billion yuan, while the cloud computing and big data segment saw a slight decline of 1.19% [4] - The company is actively expanding into the education sector and smart healthcare, winning multiple projects related to intelligent examination points and digitalization in healthcare and municipal services [4][14] - The company is positioned to play a significant role in the public data operation responsibilities of Shanghai [14] Future Projections - Revenue projections for 2024-2026 are 6.159 billion yuan, 7.126 billion yuan, and 8.170 billion yuan, with growth rates of 17%, 16%, and 15% respectively [9] - The net profit attributable to shareholders is projected to be 238 million yuan in 2024, 295 million yuan in 2025, and 367 million yuan in 2026, with growth rates of 23%, 24%, and 24% respectively [9] - The company’s current price-to-earnings ratio (P/E) is projected to decrease from 76.42 in 2024 to 49.56 in 2026 [9]