Sugon(SH:603019)2024-04-19 03:30Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company achieved a total revenue of 14.35 billion yuan in 2023, representing a year-on-year growth of 10.34%. The net profit attributable to shareholders was 1.84 billion yuan, with a year-on-year increase of 18.88% [1][2]. - The company has doubled its operating cash flow, reaching 3.51 billion yuan, indicating a stable financial condition and operational status [1]. - The company is focusing on enhancing its core technologies and expanding into computing ecosystem businesses, launching products and solutions in storage, cybersecurity, big data, and cloud computing [1]. - The company is positioned as a leader in the domestic computing industry, benefiting from the acceleration of the domestic computing and innovation process, which is expected to drive continued revenue growth [1]. Financial Summary - The projected revenues for 2024, 2025, and 2026 are 16.38 billion yuan, 19.23 billion yuan, and 22.58 billion yuan, respectively, with growth rates of 14.12%, 17.40%, and 17.41% [2][3]. - The net profit attributable to shareholders is expected to reach 2.22 billion yuan in 2024, 2.67 billion yuan in 2025, and 3.23 billion yuan in 2026, with profit growth rates of 20.75%, 20.59%, and 20.88% [2][3]. - The company's diluted EPS is projected to be 1.51 yuan in 2024, 1.83 yuan in 2025, and 2.21 yuan in 2026, with corresponding PE ratios of 31.68, 26.27, and 21.73 [2][3].