Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% compared to the Shanghai Composite Index within the next six months [3][6]. Core Viewpoints - The company achieved a revenue of 749.25 million yuan in 2023, representing a year-on-year growth of 7.80%. However, the net profit attributable to shareholders decreased by 59.93% to 62.16 million yuan, with a gross margin of 38.43%, down by 9.23 percentage points [10][18]. - In the first quarter of 2024, the company reported a revenue of 77.52 million yuan, a significant increase of 43.10% year-on-year, driven by new customer acquisitions and increased operational services for completed projects [10][12]. - The company is focusing on expanding its treasury management and innovation projects, successfully delivering multiple treasury management client projects and initiating phase two projects for existing clients [11][12]. Financial Summary - The company's projected revenues for 2024-2026 are 919 million yuan, 1.1 billion yuan, and 1.28 billion yuan, respectively, with net profits expected to be 142.3 million yuan, 180 million yuan, and 224.35 million yuan [13][18]. - The earnings per share (EPS) are forecasted to be 0.70 yuan, 0.89 yuan, and 1.11 yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 20.32, 16.07, and 12.89 [13][18]. - The company has a diversified revenue distribution, with significant contributions from various industries, although the oil and petrochemical sector saw a decline of 10.80% in revenue [10][12].
2023年年报及2024年一季报点评：经营业绩短期承压，加大研发布局未来