Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3]. Core Views - The company is a leading digital transformation provider in the state-owned enterprise sector, with expectations for strong performance in 2024 following a bright Q1 in 2024 [2][5]. - Despite a stable revenue growth of 7.80% in 2023, increased investments and incentive costs have negatively impacted profit performance [2][4]. - The company has adjusted its net profit forecasts for 2024-2025 to CNY 178 million and CNY 241 million, respectively, with a new forecast for 2026 at CNY 315 million [3]. Financial Performance Summary - In 2023, the company achieved a total revenue of CNY 749 million, with a year-on-year growth of 7.80%. The revenue from the petroleum and petrochemical sector decreased by 10.80%, while the financial and coal power sectors saw significant growth of 31.44% and 159.23%, respectively [4]. - The overall gross margin for the company was 38.43%, a decrease of 9.23 percentage points year-on-year, attributed to increased competition and lower project margins [4]. - The company reported a net profit attributable to shareholders of CNY 62.16 million in 2023, a decline of 59.93% year-on-year, with a non-recurring net profit of CNY 47.35 million, down 67.13% [4]. - In Q1 2024, the company achieved a revenue of CNY 77.52 million, a year-on-year increase of 43.10%, and a net profit of CNY 3.27 million, marking a return to profitability [5]. - The gross margin for Q1 2024 was 42.01%, an increase of 0.95 percentage points year-on-year, with significant improvements in cost control reflected in reduced sales and management expense ratios [5]. Financial Forecasts - The company forecasts revenues of CNY 926 million, CNY 1.2 billion, and CNY 1.525 billion for 2024, 2025, and 2026, respectively, with expected year-on-year growth rates of 23.6%, 29.5%, and 27.1% [10]. - The projected earnings per share (EPS) are CNY 0.88, CNY 1.19, and CNY 1.56 for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 16.6, 12.3, and 9.4 [3][10].
公司信息更新报告：2024Q1收入与利润表现亮眼，期待全年业绩表现