Dark Horse Technology (SZ:300688) Great Wall Securities·2024-04-26 11:02Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company has completed its digital transformation, significantly improving its gross margin, with an overall gross margin increase of 26.76 percentage points year-on-year to 55.11% in 2023 [1] - The company has strategically adjusted its business structure by ceasing low-margin enterprise service operations, leading to a notable enhancement in overall profitability [14] - The partnership with Huawei Cloud aims to accelerate the digital transformation of small and medium-sized enterprises (SMEs) in China, integrating computing power, models, and services [2] Financial Summary - In 2023, the company reported a revenue of 271 million yuan, a decrease of 21.92% year-on-year, but achieved a net profit of 9.66 million yuan, marking a turnaround from losses [12] - The forecast for 2024-2026 anticipates revenues of 379 million yuan, 524 million yuan, and 707 million yuan, respectively, with net profits projected at 80 million yuan, 101 million yuan, and 124 million yuan [14] - The company's earnings per share (EPS) are expected to rise from 0.48 yuan in 2024 to 0.74 yuan in 2026 [27] Business Developments - The company has launched new artificial intelligence (AI) services, collaborating with major tech firms to develop training products aimed at various customer segments, generating revenue of 1.11 million yuan with a gross margin of 74% [13] - The company is focusing on building an AI service ecosystem to empower SMEs across different industries [14]