Investment Rating - The report maintains a "Recommended" rating for the company [7] Core Views - The company experienced short-term pressure on its performance in 2023, but the first quarter of 2024 showed significant improvement with a revenue increase of 42% year-on-year [12] - The company is expected to see a recovery in its core business growth, particularly in the financial and coal sectors, with projected net profits of 1.4 billion, 1.8 billion, and 2.1 billion yuan for 2024, 2025, and 2026 respectively [12] - The company has a leading position in the domestic digital transformation and ERP market, which is expected to drive future growth [12] Financial Performance Summary - In 2023, the company achieved a revenue of 749 million yuan, a growth rate of 7.8%, but net profit dropped by 59.9% to 62 million yuan [12] - The forecast for 2024 shows a revenue increase to 939 million yuan, with a projected net profit of 144 million yuan, reflecting a growth rate of 131.2% [12] - The company's PE ratio is expected to decrease from 48 in 2023 to 21 in 2024, indicating improved valuation as earnings recover [12][20] Revenue Breakdown - The oil and petrochemical sector saw a revenue decline of 10.8% in 2023, while the financial sector grew by 31.4% and the coal sector surged by 159.23% [12] - The company is focusing on expanding its presence in the financial and coal industries, which are showing robust growth [12] Future Outlook - The company is expected to benefit from the ongoing digital transformation initiatives in China, particularly in the ERP and financial management sectors [12] - The projected growth rates for net profit in the coming years are 131% for 2024, 23% for 2025, and 18% for 2026, indicating a strong recovery trajectory [12]
2023年年报&2024年一季报点评：23年业绩短期承压，24Q1业绩表现亮眼