Investment Rating - The report assigns a "Hold" investment rating to the company, with a target price of 49.43 CNY based on a 4x PS valuation for 2024 [2]. Core Insights - The company achieved a revenue of 500 million CNY in 2023, representing a year-on-year growth of 58.5%, primarily driven by the growth in industry cloud and AI cloud revenues [1][9]. - The net profit attributable to the parent company for 2023 was -80.5 million CNY, a 29.5% improvement compared to -114.5 million CNY in 2022, indicating a narrowing of losses [1][9]. - The company is positioned as a leading player in the domestic supercomputing cloud sector, benefiting from experience, technology, and first-mover advantages [2]. Revenue Growth - From 2019 to 2023, the company's total revenue increased from 120 million CNY to 500 million CNY, with a compound annual growth rate (CAGR) of 43.6% [16]. - The supercomputing cloud service has become the core revenue source, with its revenue growing from 98.25 million CNY in 2020 to 410 million CNY in 2023, maintaining an 80% revenue share [17]. Profitability and Cost Management - The company's gross margin decreased from 43.0% in 2020 to 25.6% in 2023, primarily due to increased depreciation costs from fixed asset investments [10][18]. - The operating expense ratio improved to 42.6% in 2023, down 21.2 percentage points from 2022, attributed to high revenue growth and scale effects [10][35]. Future Projections - The forecasted net profits for 2024-2026 are -35.7 million CNY, 38.4 million CNY, and 111.9 million CNY, respectively, with corresponding PS ratios of 3, 2, and 2 [2][11]. - Revenue growth rates for the supercomputing cloud services are expected to be approximately 13.1% for general cloud, 60.5% for industry cloud, and 107.0% for AI cloud from 2024 to 2026 [21]. Market Position - The company is recognized as the largest independent supercomputing service provider in China, with a significant market share and a strong technological service capability [30].
2023年年报点评：超算云业务强劲，亏损同比收窄