QITIAN Technology(SZ:300061) East Money Securities·2024-04-26 07:32Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [12]. Core Insights - The company faced short-term pressure on its business due to macroeconomic conditions and intensified industry competition, leading to a decline in its core digital marketing and value-added services for bank cards [10][3]. - Despite these challenges, the company is strategically positioned to leverage its resources and competitive advantages in the digital governance sector, aiming for collaborative growth across its various business lines [3][10]. - The company has adjusted its revenue forecasts for 2024-2026, expecting revenues of 1.07 billion, 1.31 billion, and 1.57 billion yuan respectively, with net profits projected to turn positive by 2026 [3][14]. Summary by Sections Financial Performance - In 2023, the company reported revenues of 974.89 million yuan and a net loss of 496.60 million yuan [10][14]. - The revenue growth rate is expected to recover, with projections of 9.78% in 2024, 22.20% in 2025, and 20.19% in 2026 [14]. - The company anticipates a significant turnaround in net profit, with estimates of 4.03 million yuan in 2024, 60.75 million yuan in 2025, and 102.72 million yuan in 2026 [14]. Business Strategy - The company is focusing on expanding its digital governance business while enhancing its core operations, aiming for synergistic growth across its various services [3][10]. - It has completed upgrades to its SAAS digital life service platform, which supports clients in customer acquisition and relationship management through data-driven marketing strategies [10]. - The company is actively collaborating with local governments to enhance mobile governance platforms, thereby integrating more digital services into urban management [10][3].