DPtech(SZ:300768) Guolian Securities·2024-04-17 14:00Investment Rating - The investment rating for the company is "Buy" [20] Core Views - The company reported a revenue of 1.034 billion yuan in 2023, representing a year-on-year growth of 15.77%. However, the net profit attributable to shareholders decreased by 15.44% to 127 million yuan [18][19] - The company is experiencing significant growth in its operator business, with a revenue of 273 million yuan in 2023, up 29.84% year-on-year, and an increase in gross margin by 4.77 percentage points [15][19] - The company has launched an employee stock ownership plan, with a total fundraising cap of 27 million yuan, indicating a commitment to employee engagement and growth [5][19] Financial Summary - Revenue projections for 2024-2026 are 1.259 billion yuan, 1.563 billion yuan, and 1.928 billion yuan, with year-on-year growth rates of 21.76%, 24.18%, and 23.35% respectively [19] - The projected net profit for the same period is 170 million yuan, 220 million yuan, and 281 million yuan, with growth rates of 34.36%, 29.39%, and 27.81% respectively [19] - The company’s earnings per share (EPS) are expected to be 0.26 yuan, 0.34 yuan, and 0.44 yuan for 2024, 2025, and 2026 respectively [19] Valuation Metrics - The company is valued at a price-to-earnings (P/E) ratio of 50 times for 2024, with a target price set at 13.21 yuan [19] - The current price of the stock is 10.96 yuan, indicating potential upside based on the target price [20]