Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Views - The company achieved a revenue of 490 million, down 14.1% year-on-year, while the net profit attributable to the parent company was 40 million, up 160.7% year-on-year, indicating a significant improvement in profitability despite revenue pressure [2] - The revenue decline is attributed to the company's strategy of expanding its client base in the insurance and industrial sectors while reducing its real estate client business [2] - The company has established a leading "Information + Digital" platform and is expanding its overseas market presence in countries like Indonesia, Malaysia, Singapore, and the Democratic Republic of Congo [4][10] Financial Performance Summary - In 2023, the company reported a gross margin of 39.7%, an increase of 2.62 percentage points year-on-year, with significant improvements in the profitability of assessment projects [9] - The company’s cash flow has shown significant improvement, with a cash flow from operations of 65 million, up 109 million year-on-year, and a cash collection ratio of 105.78% [28] - The forecast for net profit attributable to the parent company for 2024-2026 is 70 million, 130 million, and 180 million respectively, with corresponding P/E ratios of 31, 17, and 12 [2][29]
深度绑定优质客户，经营质量有望改善