公司信息更新报告：2023利润高增长，创新业务持续突破

Investment Rating - The report maintains a "Buy" rating for Runhe Software (300339 SZ) [2][4] Core Views - Runhe Software is a core partner of Huawei, with its independent innovation business around OpenHarmony and openEuler expected to grow rapidly [4] - The company's innovation business achieved sales revenue of approximately 481 million yuan in 2023, a year-on-year increase of 43 58%, accounting for 15 49% of total revenue [7] - The innovation business is expected to continue to expand and become the main driver of the next growth cycle [7] Financial Performance - In 2023, the company achieved operating revenue of 3 106 billion yuan, a year-on-year increase of 4 42%, and net profit attributable to the parent company of 164 million yuan, a year-on-year increase of 55 24% [5] - In Q1 2024, the company achieved operating revenue of 770 million yuan, a year-on-year increase of 4 49%, and net profit attributable to the parent company of 26 million yuan, a year-on-year decrease of 29 40% [5] - The company is expected to achieve net profit attributable to the parent company of 286 million yuan, 383 million yuan, and 495 million yuan in 2024, 2025, and 2026, respectively, with EPS of 0 36 yuan, 0 48 yuan, and 0 62 yuan per share [4] Innovation Business Progress - The company has made significant progress in product iteration and commercialization of its innovation business, particularly in OpenHarmony and openEuler [6] - The company has developed AI central platform-level products and industry-specific AI solutions, including NLP, CV, and cross-modal models [6] - The company's subsidiary, Run Kaihong, signed a strategic cooperation agreement with Ant Digital Technology to accelerate the commercialization of HarmonyOS [6] Financial Forecasts - The company's operating revenue is expected to grow from 3 106 billion yuan in 2023 to 5 877 billion yuan in 2026, with a CAGR of 24 3% [8] - The gross profit margin is expected to increase from 25 4% in 2023 to 27 5% in 2026, while the net profit margin is expected to rise from 5 3% to 8 4% over the same period [8] - The ROE is projected to increase from 4 9% in 2023 to 11 0% in 2026 [8]