ZHI-TECH(SZ:300785) KAIYUAN SECURITIES·2024-04-27 07:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][27]. Core Views - The company is expected to continue investing in new businesses, which may lead to short-term revenue growth without profit increase. However, the long-term growth potential from innovative business development and AI-enabled content ecosystem is promising [1][22]. - In 2023, the company's operating revenue was 1.452 billion yuan (up 18.17% year-on-year), while the net profit attributable to shareholders was 74.78 million yuan (down 11.92% year-on-year) [1][3]. - The company reported a significant increase in innovative business revenue, achieving 497 million yuan (up 45.79% year-on-year), accounting for 34.26% of total revenue [6][21]. Financial Summary - Revenue and Profit Forecasts: - 2024E: Operating revenue of 1.845 billion yuan, net profit of 121 million yuan, EPS of 0.61 yuan - 2025E: Operating revenue of 2.193 billion yuan, net profit of 152 million yuan, EPS of 0.76 yuan - 2026E: Operating revenue of 2.535 billion yuan, net profit of 187 million yuan, EPS of 0.94 yuan [1][3][11]. - Key Financial Metrics: - Gross margin for 2023 was 48.37% (down 5.61 percentage points year-on-year), and net margin was 5.15% (down 1.76 percentage points year-on-year) [6][11]. - The company’s average monthly active users in 2023 were 39.29 million (up 1.02% year-on-year), driving GMV to 20.918 billion yuan (up 1.23% year-on-year) [22]. - Valuation Ratios: - Current P/E ratios for 2024E, 2025E, and 2026E are 30.1, 23.9, and 19.4 respectively [1][3].