公司事件点评：SEP重要订单再下一城，全球化拓展长期潜力可期

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Viewpoints - The signing of a Master Services Agreement (MSA) with Melco Resorts & Entertainment marks the company's first contract with a large international integrated resort hotel group, accelerating its internationalization process [1]. - The company is establishing a benchmark for its property management system (PMS) in the global market, particularly in the complex environment of large international resorts [1]. - The company has seen a continuous increase in the number of signings and implementations of its SEP platform, indicating strong long-term potential in the global hotel SaaS market [1]. - The Infrasys Cloud has successfully signed contracts with top international hotel groups, demonstrating the global competitiveness of its products and technology [1]. Financial Forecast and Indicators - The projected revenue for 2023 is 3,227 million yuan, with a growth rate of 24.4% compared to 2022 [2][6]. - The net profit attributable to shareholders is expected to be 78 million yuan in 2023, a significant turnaround from a loss of 779 million yuan in 2022 [2][6]. - Earnings per share (EPS) is forecasted to be 0.03 yuan in 2023, improving from a loss of 0.29 yuan in 2022 [2][6]. - The price-to-earnings (PE) ratio is projected to decrease from 224x in 2023 to 38x by 2025, indicating a potential valuation improvement as the company transitions [2][6]. Business Development - The company has successfully launched its platform in over 200 hotels under the InterContinental Hotels Group, with plans to increase penetration in the global market [1]. - The company has also signed with independent hotel groups, such as Fletcher Hotels in the Netherlands, which will fully adopt the cloud-based platform [1]. - The internationalization strategy is progressing steadily, with Infrasys Cloud achieving certifications from numerous well-known hotel groups [1].