SIE(SZ:300687) KAIYUAN SECURITIES·2024-04-26 14:30Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the market by over 20% [6][10]. Core Views - The company is a leader in intelligent manufacturing and is expected to benefit from the promotion of Huawei's MetaERP, which is anticipated to open new growth opportunities in the central state-owned enterprise market [7][10]. - In 2023, the company's revenue from the general ERP segment was 1.219 billion yuan, a year-on-year decrease of 1.70%, while the intelligent manufacturing segment achieved revenue of 830 million yuan, a year-on-year increase of 2.56% [6][25]. - The company reported an 8.7% year-on-year increase in orders, with significant growth in the northern and southwestern markets, where orders increased by 34% and 171% respectively [6][10]. Financial Summary - For 2023, the company achieved total revenue of 2.254 billion yuan, a slight decrease of 0.75% year-on-year, and a net profit attributable to shareholders of 254 million yuan, an increase of 1.98% year-on-year [25]. - The first quarter of 2024 saw revenue of 540 million yuan, a year-on-year increase of 4.51%, and a net profit of 20 million yuan, a significant year-on-year increase of 216.45% [25]. - The forecast for net profit attributable to shareholders for 2024-2026 is 320 million, 396 million, and 494 million yuan respectively, with corresponding EPS of 0.78, 0.97, and 1.21 yuan per share [10][12]. Market Position and Growth Potential - The company has added over 230 new clients in the year, accounting for 21.66% of its total client base, which lays a solid foundation for future market expansion [6][10]. - The successful completion of the self-developed platform's application module replacement for central enterprises indicates the platform's recognition in terms of security, stability, and reliability [7][10].