Pinming Software(SH:688109) Huachuang Securities·2024-04-27 23:31Investment Rating - The report maintains a "Neutral" investment rating for the company [1]. Core Views - The company experienced a slight revenue growth of 0.14% year-on-year in 2023, with total revenue reaching 436 million yuan. The net profit attributable to the parent company was 12 million yuan, showing a significant increase of 122.19% year-on-year. However, the net profit after deducting non-recurring gains and losses recorded a loss of 6 million yuan, although this was an improvement of 92.78% year-on-year [2][3]. - In Q1 2024, the company reported a revenue of 59 million yuan, a decrease of 1.02% year-on-year, with a net loss of 10 million yuan, but the loss narrowed by 29.04% year-on-year [1][2]. Summary by Sections Revenue and Profitability - The company successfully emerged from a profit low point, with Q4 2023 revenue reaching 177 million yuan, a year-on-year increase of 6.43%, and a net profit of 27 million yuan, reflecting a staggering growth of 984.84% year-on-year [2]. - The revenue structure includes: 1. Building information software business generated 218 million yuan, up 14.86% year-on-year, with significant growth in both local and out-of-province markets [2]. 2. Smart construction site business generated 218 million yuan, down 11.24% year-on-year, but with improved order quality and significantly increased cash flow from operating activities, which grew by 106.49% year-on-year [2]. Cost Control and Efficiency - The company enhanced its cost control capabilities, significantly reducing total expenses by approximately 15%, amounting to a decrease of 57.77 million yuan [2]. - The expense ratios for sales, management, and R&D were 37.15%, 12.29%, and 28.09%, respectively, showing declines of 3.63 percentage points, 1.65 percentage points, and 8.11 percentage points year-on-year [2]. Research and Development - The company is actively exploring applications of AIGC in the construction field, achieving some R&D results in areas such as APaaS platforms and AI technology applications in traditional software and smart terminals [2]. - Notable advancements include the iteration optimization of AI panoramic high-point inspection robots and the addition of recognition tasks for key scenarios such as project progress and safety [2]. Financial Forecast - The company is projected to achieve revenues of 440 million yuan, 456 million yuan, and 467 million yuan for 2024, 2025, and 2026, respectively. The net profit attributable to the parent company is expected to be 16 million yuan, 20 million yuan, and 24 million yuan for the same years, corresponding to EPS of 0.21 yuan, 0.25 yuan, and 0.30 yuan per share [2][3].