VENUSTECH(SZ:002439) Soochow Securities·2024-04-16 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2023 annual report shows that revenue reached 4.507 billion yuan, a year-on-year increase of 1.58%, and net profit attributable to shareholders was 741.14 million yuan, up 18.37%, aligning with market expectations [2][3] - The gross margin slightly declined, but cost reduction and efficiency improvements were significant, with total expenses decreasing by 11.69% year-on-year [3] - New business segments, including cloud security and data security, drove revenue growth, achieving 2.142 billion yuan, a 13.82% increase year-on-year, accounting for 47.54% of total revenue [3] - The company anticipates a good growth rate for Q1 2024, with expected revenue between 900 million to 950 million yuan, representing a year-on-year growth of 14.26% to 20.61% [3] - The EPS forecast for 2024-2025 has been adjusted down to 0.76 yuan and 0.96 yuan, respectively, with a projected EPS of 1.19 yuan for 2026 [3] Financial Performance Summary - Total revenue for 2023 was 4.507 billion yuan, with a year-on-year growth of 1.58% [2] - Net profit attributable to shareholders for 2023 was 741.14 million yuan, reflecting an 18.37% increase year-on-year [2] - The company's gross margin for 2023 was 57.76%, down 4.9 percentage points year-on-year [3] - The new business segments generated 2.142 billion yuan in revenue, a 13.82% increase year-on-year [3] - The company expects Q1 2024 revenue to be between 900 million to 950 million yuan, indicating a growth of 14.26% to 20.61% year-on-year [3] Valuation Metrics - The latest diluted EPS for 2023 was 0.60 yuan, with forecasts of 0.76 yuan for 2024 and 0.96 yuan for 2025 [2][3] - The P/E ratio for 2023 is 31.07, projected to decrease to 24.55 in 2024 and 19.56 in 2025 [2][3] - The company’s market capitalization is approximately 23.03 billion yuan [5]