BURTC(SH:600861) GF SECURITIES·2024-04-28 12:02Investment Rating - The investment rating for the company is "Buy" with a target price of 25.71 CNY per share, compared to the current price of 18.85 CNY [8]. Core Insights - The company reported a revenue of 38.31 billion CNY for 2023, representing an 18.5% year-on-year increase, and a net profit attributable to shareholders of 0.55 billion CNY, which is a 32.2% increase year-on-year [5][6]. - The company continues to see strong growth in its outsourcing business, which accounted for 82.6% of total revenue in 2023, with a year-on-year growth of 23.6% [5]. - The gross margin for the outsourcing business improved slightly, while the overall gross margin decreased to 6.9%, down 0.9 percentage points year-on-year [5]. Financial Summary - Revenue for 2023 was 38.31 billion CNY, with a projected revenue of 45.61 billion CNY for 2024, indicating a growth rate of 19.0% [6]. - The net profit attributable to shareholders is expected to grow to 0.91 billion CNY in 2024, reflecting a significant increase of 66.0% compared to 2023 [6]. - The company’s earnings per share (EPS) is projected to rise from 1.08 CNY in 2023 to 1.61 CNY in 2024 [6].