BURTC(SH:600861) Guoyuan Securities·2024-04-29 02:30Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the Shanghai Composite Index by more than 20% in the next six months [14]. Core Views - The company has shown steady growth in revenue and profit, with a focus on enhancing its professional service capabilities and digital transformation [9][18]. - The company reported a net profit of 5.48 million yuan in 2023, a 32.34% increase compared to the adjusted figures for 2022, and a significant increase in non-recurring net profit by 228.41% [4][11]. - The company aims to expand its outsourcing business and improve its product system, achieving a revenue of 381.57 billion yuan in 2023, a year-on-year growth of 19.78% [4][10]. Financial Performance Summary - In 2023, the company achieved a revenue of 38.31 billion yuan, an 18.47% increase from 2022 [17]. - The projected net profits for 2024, 2025, and 2026 are 9.0 billion yuan, 10.3 billion yuan, and 11.6 billion yuan respectively, with corresponding EPS of 1.6, 1.8, and 2.1 yuan per share [11]. - The company has a cash dividend proposal for 2023, planning to distribute a total of 274 million yuan, which represents a 50% cash dividend payout ratio [10]. Business Development and Strategy - The company is actively promoting the professional development of its outsourcing business, enhancing its service capabilities across various product categories [10]. - It has established a comprehensive product matrix with over 370 products across 11 categories, catering to diverse client needs [10]. - The company is advancing its digital transformation with a long-term development plan aimed at improving digital governance efficiency [10].