BOTON TECHNOLOGY(300031) 东吴证券·2024-04-29 23:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2023 met expectations, with revenue of 3.655 billion yuan, a year-on-year increase of 12.16%, and a net profit attributable to shareholders of 106 million yuan [1] - The company's dual main businesses, mobile and industrial internet, continued to show steady growth, with revenue growth rates of 12.16% and 11.15% respectively [1] - The company has proposed a cash dividend of 0.6 yuan per 10 shares to all shareholders [1] - The company is optimistic about the new game cycle driving steady profit release in its mobile internet segment, with significant improvements in profitability [1] - The industrial internet segment achieved revenue of 2.030 billion yuan, a year-on-year increase of 24.12%, indicating a strong growth trajectory [1] - The earnings forecast for 2024-2026 has been adjusted to 0.97, 1.14, and 1.39 yuan per share, with corresponding price-to-earnings ratios of 13, 11, and 9 times [1] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 3.655 billion yuan, with a year-on-year growth of 12.16% [1] - The net profit attributable to shareholders was 106 million yuan, compared to a loss of 395.94 million yuan in 2022 [1] - For Q1 2024, the company reported revenue of 839 million yuan, a year-on-year increase of 11.15% [1] Business Segments Mobile Internet - The gaming business generated revenue of 1.625 billion yuan in 2023, with a slight year-on-year increase of 0.10% [1] - The company has streamlined its game portfolio, discontinuing older projects while launching new games, which has improved profitability [1] Industrial Internet - The industrial internet business achieved revenue of 2.030 billion yuan in 2023, reflecting a year-on-year growth of 24.12% [1] - The company is focusing on smart upgrades and global market expansion, including the establishment of a digital conveyor belt production base in Thailand [1] Earnings Forecast - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are set at 0.97, 1.14, and 1.39 yuan respectively [1] - The company maintains a positive outlook on the steady growth of its dual main businesses and the gradual release of profit elasticity [1]