Apex(SH:603383) Soochow Securities·2024-04-28 08:30Investment Rating - The report maintains a "Buy" rating for the company [12] Core Insights - The company reported a stable growth in revenue and net profit for 2023, with total revenue of 744 million yuan (up 19.1% year-on-year) and a net profit of 233 million yuan (up 40.49% year-on-year) [12][14] - The financial technology sector is expected to drive growth, with significant opportunities arising from the replacement of core systems in the financial industry [13] - The company has successfully completed 100% localization of its A5 system, positioning itself as a leader in the domestic market [13] Financial Performance Summary - Revenue projections for 2024-2026 are 835 million, 1 billion, and 1.19 billion yuan respectively, with corresponding net profits of 271 million, 335 million, and 386 million yuan [12] - The earnings per share (EPS) are forecasted to be 1.58, 1.96, and 2.25 yuan for 2024, 2025, and 2026 respectively, with price-to-earnings (P/E) ratios of 21.54, 17.40, and 15.12 [12] - The company's operating cash flow for 2023 was 231 million yuan, with a decline in Q1 2024 to -148 million yuan [14]