Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Insights - The company achieved a revenue of 2.681 billion yuan in 2023, representing a year-on-year increase of 30.51%. The net profit attributable to shareholders was 340 million yuan, up 42.06% year-on-year. The gross margin and net margin were 72.91% and 12.51%, respectively, with increases of 0.81 percentage points and 1.25 percentage points year-on-year [2][4]. - The company's MaaS revenue reached 891 million yuan, growing by 17.33% year-on-year, driven by an increase in core customer numbers and average revenue per customer. The number of core customers rose by 13.90% to 213, with a customer retention rate of 99% [2][4]. - The BaaS segment saw significant growth, with asset transaction volume nearly doubling, reaching 53.13 billion yuan, a year-on-year increase of 93.34%. BaaS revenue was 1.185 billion yuan, up 58.80% year-on-year [2][4]. - The company effectively managed expenses, with R&D spending increasing to 379 million yuan, while general and administrative expenses decreased by 3.96% to 259 million yuan. Sales and marketing expenses rose by 36.75% to 1.073 billion yuan to enhance brand awareness [2][4]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 3.180 billion yuan, 3.839 billion yuan, and 4.436 billion yuan, respectively, with growth rates of 18.62%, 20.73%, and 15.55% [4]. - Net profit projections for the same years are 425 million yuan, 541 million yuan, and 609 million yuan, with growth rates of 25.05%, 27.10%, and 12.55% [4]. - The diluted earnings per share (EPS) are expected to be 0.87 yuan, 1.10 yuan, and 1.24 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 11.80x, 9.28x, and 8.25x [4].
百融云-W2023年年报点评：业绩持续兑现，费用管理得当