LongRuanTechnologies(SH:688078) Guoyuan Securities·2024-04-08 16:00Investment Rating - The report maintains a "Buy" rating for LongRuan Technology [8] Core Views - LongRuan Technology achieved a total operating revenue of 396.11 million yuan in 2023, representing a year-on-year growth of 8.56%. The net profit attributable to the parent company was 84.32 million yuan, up 5.39% year-on-year [26] - The company has increased its marketing efforts, resulting in new orders amounting to 460 million yuan, laying a solid foundation for future business development [26] - The intelligent mining industrial software segment generated revenue of 362 million yuan, a growth of 10.70%, with the management platform business accounting for over 40% of this revenue [26] Financial Performance Summary - Revenue and Profit Growth: - 2023 operating revenue: 396.11 million yuan, up 8.56% from 2022 - 2023 net profit: 84.32 million yuan, up 5.39% from 2022 - 2023 net profit excluding non-recurring items: 83.34 million yuan, up 2.52% from 2022 [26][31] - Revenue Breakdown: - Intelligent mining software revenue: 362 million yuan, up 10.70% - Management platform revenue: over 178 million yuan, accounting for over 40% of total revenue - Intelligent geological assurance revenue: over 94 million yuan, with a growth rate exceeding 70% [26][27] Future Projections - Forecasted operating revenue for 2024-2026: - 2024: 474 million yuan - 2025: 558 million yuan - 2026: 647 million yuan - Forecasted net profit for 2024-2026: - 2024: 107 million yuan - 2025: 133 million yuan - 2026: 159 million yuan - Projected EPS for 2024-2026: - 2024: 1.49 yuan - 2025: 1.84 yuan - 2026: 2.21 yuan [28][31] Valuation Metrics - Projected P/E ratios for 2024-2026: - 2024: 18.45 - 2025: 14.95 - 2026: 12.45 [31][43]