Investment Rating - The report maintains a "Buy" rating for Mingyuan Cloud (0909.HK) with a market price of HKD 2.44 [1]. Core Insights - The company has optimized its business structure and achieved cost reduction and efficiency improvements, focusing on three main areas for future growth [5]. - Despite a decline in overall revenue due to the real estate sector's downturn, the cloud services segment showed resilience, with revenue contributing 81.6% to total revenue in 2023 [5]. - The company is exploring opportunities in state-owned enterprises, AI integration, and international expansion, particularly in Southeast Asia [5]. Financial Summary - Total revenue for 2023 was HKD 1,657 million, a decrease of 9.6% year-on-year, with projections for 2024-2026 showing gradual recovery [1][7]. - The adjusted net loss for 2023 was HKD 586 million, with forecasts indicating continued losses but narrowing in subsequent years [1][7]. - The company’s revenue from cloud services was HKD 1,339 million in 2023, down 6.2% year-on-year, while project management and asset management segments saw significant growth [5]. Revenue and Profit Forecast - Revenue projections for 2024, 2025, and 2026 are HKD 1,686 million, HKD 1,832 million, and HKD 2,114 million respectively, with corresponding net losses expected to decrease over the same period [1][5]. - The report anticipates a return to profitability by 2026, with a projected net loss of HKD 112 million [5]. Operational Efficiency - The company has successfully reduced operational costs, with sales, management, and R&D expenses decreasing by 8.5%, 23.9%, and 21.3% respectively in 2023 [5]. - The average output per employee increased by 15.8% to HKD 557,000 [5]. Market Position and Strategy - The company aims to deepen its engagement with state-owned enterprises and leverage AI technologies to enhance its product offerings [5]. - An international business headquarters has been established in Singapore to facilitate market entry into Southeast Asia [5].
业务结构优化&降本增效显成效，三大抓手着眼未来