COMIX GROUP(SZ:002301) Minsheng Securities·2024-04-23 04:00Investment Rating - The report maintains a "Recommended" rating for the company, with expected net profits for 2024-2026 at 280 million, 330 million, and 390 million respectively, corresponding to PE ratios of 13X, 12X, and 10X [5][6]. Core Viewpoints - The company achieved a revenue of 11.099 billion in 2023, a year-on-year increase of 28.62%, while the net profit attributable to shareholders was 0.77 billion, down 39.41% year-on-year [2][5]. - The B2B business continues to grow rapidly, while the cloud video business is undergoing a strategic contraction. In Q4 2023, B2B revenue reached 3.324 billion, nearly an 80% increase year-on-year [2][5]. - The company has improved cash flow significantly, with a net cash flow from operating activities of 634 million in 2023, up 94.74% year-on-year [5]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 11.099 billion, with a growth rate of 28.62%. The net profit attributable to shareholders was 0.77 billion, reflecting a decline of 39.4% [6][8]. - The Q4 2023 revenue was 3.339 billion, showing a significant increase of 76.78% year-on-year, while the net profit for the same quarter was a loss of 0.71 billion [2][5]. Business Segments - The B2B office supplies and cloud services generated revenues of 11.022 billion and 0.77 billion respectively in 2023, with year-on-year changes of +29.93% and -47.24% [2][5]. - The company is focusing on optimizing its customer structure and enhancing operational efficiency through digitalization, which has led to a reduction in accounts receivable from 3.982 billion in 2021 to 2.718 billion in 2023 [5]. Future Outlook - The company aims to strengthen its B2B performance by focusing on core customers and enhancing service capabilities in office procurement and MRO solutions. The expected net profit for 2024 is projected to be 0.49 billion, a year-on-year increase of 10.96% [5][6]. - The report anticipates that the company will continue to reduce losses in 2024 as it completes adjustments in its small B customer business and cloud video segments [5].