Beijing (SZ:300803) Soochow Securities·2024-04-28 02:30Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's Q1 2024 performance was impacted by a "wrong month" effect in software sales, leading to a revenue decline of 13.17% year-on-year to 294 million yuan, and a net profit drop of 70.74% to 17 million yuan [2][3] - The financial information service revenue decreased due to the delayed marketing of high-end products, which affected cash collection timing [2] - Despite the challenges in software sales, the brokerage business of the company showed strong growth, with net commission income increasing by 178.61% year-on-year to 40 million yuan in Q1 2024 [3] Summary by Sections Financial Performance - Total revenue for 2023 was 1,113 million yuan, down 11.33% year-on-year, while the forecast for 2024 is 1,831 million yuan, representing a growth of 64.53% [2][7] - The net profit attributable to shareholders for 2023 was 73 million yuan, a significant decline of 78.54%, with projections of 141 million yuan for 2024, indicating a recovery of 94.66% [2][7] - The latest diluted EPS for 2023 was 0.18 yuan, with expectations of 0.35 yuan in 2024 [2][7] Business Segments - The software sales segment faced a decline due to the timing of product launches, while the brokerage segment continued to grow, with a 40.86% increase in client trading volume [3] - The self-operated business saw a remarkable increase in investment income, up 429.77% year-on-year to 29 million yuan in Q1 2024 [3] Valuation Metrics - The company is projected to have a P/E ratio of 132 for 2024, decreasing to 82 by 2026 [2][7] - The market capitalization is approximately 18.61 billion yuan, with a closing price of 45.51 yuan [4][5]