SED(000032) 国投证券·2024-04-22 03:00Investment Rating - The investment rating for the company is "Buy-A" with a target price of 21.40 CNY over the next six months [5]. Core Insights - The company achieved a significant increase in net profit in 2023, with a year-on-year growth of 308.1%, reaching 330 million CNY. The operating revenue also grew by 10.25% to 56.284 billion CNY [1][2]. - The company is positioned as a leader in the high-tech industrial engineering service sector and is expected to benefit from opportunities in the "cloud" and "data" sectors, particularly in relation to national policies and market trends [10]. - The company has made substantial investments in research and development, with R&D expenses amounting to 1.855 billion CNY, representing 3.3% of total revenue, and an increase in R&D personnel by 62.46% to 4,544 [2][10]. Summary by Sections Financial Performance - In 2023, the company reported operating revenue of 56.284 billion CNY, a 10.25% increase year-on-year, and a net profit of 330 million CNY, marking a 308.1% increase [1][2]. - The high-tech industrial engineering service segment generated revenue of 51.757 billion CNY, up 13.1% year-on-year, while the digital and information services segment saw a decline of 16.25% to 2.215 billion CNY [2]. Business Segments - The high-tech industrial engineering service segment is the company's primary revenue driver, with a focus on cleanroom engineering consulting, design, and digital delivery [2]. - The company has expanded its presence in Southeast Asia, securing new contracts exceeding 1 billion CNY in countries like Vietnam and Thailand [2]. Market Opportunities - The establishment of the National Data Bureau and the subsequent launch of the "Data Element ×" three-year action plan are expected to accelerate the development of data markets, which the company is actively engaging in [3][10]. - The company is involved in building public data resource centers for various local governments, enhancing its role in the digital government model [3]. Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 63.321 billion CNY, 70.926 billion CNY, and 79.401 billion CNY, respectively, with net profits expected to reach 406 million CNY, 492 million CNY, and 593 million CNY [10][12].