GLODON(SZ:002410) GOLDEN SUN SECURITIES·2024-04-01 16:00Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company's revenue for 2023 was CNY 6.525 billion, a slight decrease of 0.42% year-on-year, while the net profit attributable to shareholders dropped significantly by 88.02% to CNY 116 million, primarily due to external macroeconomic slowdown and internal organizational adjustments [1][2]. - The digital cost business generated revenue of CNY 5.170 billion, reflecting an increase of 8.33%, while cloud contract signing decreased by 9.08% to CNY 3.564 billion [1]. - The company aims to optimize resource allocation in 2024 to achieve stable growth, focusing on core products and key clients, while strictly controlling costs [2]. Financial Summary - Revenue and Profitability: - 2022 Revenue: CNY 6.591 billion, 2023 Revenue: CNY 6.525 billion, 2024E Revenue: CNY 6.994 billion [3]. - 2022 Net Profit: CNY 967 million, 2023 Net Profit: CNY 116 million, 2024E Net Profit: CNY 566 million [3]. - 2023 net profit margin decreased to 1.8% from 14.7% in 2022 [7]. - Earnings Per Share (EPS): - 2022 EPS: CNY 0.58, 2023 EPS: CNY 0.07, 2024E EPS: CNY 0.34 [3][7]. - Valuation Ratios: - Price-to-Earnings (P/E) ratio for 2023 is 171.3, expected to decrease to 35.1 in 2024E [3][7]. - Price-to-Book (P/B) ratio for 2023 is 3.4, expected to decrease to 3.1 in 2024E [3][7].