公司年报点评：重点建设“鸿蒙+欧拉”生态，创新业务助力突破

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a steady revenue growth with a significant increase in profit. In 2023, the company achieved a revenue of 3.106 billion yuan, a year-on-year increase of 4.42%, and a net profit attributable to shareholders of 164 million yuan, up 55.24% year-on-year. The non-recurring net profit increased dramatically by 8014.00% to 56 million yuan. Operating cash flow also grew by 50.63% to 137 million yuan [5][6][11] - The core business segments showed steady growth, with the financial technology segment generating 1.706 billion yuan in revenue, a 13.53% increase year-on-year, while the smart IoT segment saw a decline of 8.90% to 910 million yuan due to reduced customer demand. The smart energy information segment grew by 9.34% to 343 million yuan. Additionally, innovative businesses, including OpenHarmony and OpenEuler, achieved sales of approximately 481 million yuan, a 43.58% increase, contributing 15.49% to total revenue [6][10] - The company is a deep participant in the Harmony ecosystem, collaborating with Ant Group to develop mobile application products based on HarmonyOS, and has received certification as a HarmonyOS development service provider [6][8] Financial Summary - The company’s financial performance is projected to improve significantly in the coming years. The expected net profits for 2024, 2025, and 2026 are 301 million yuan, 426 million yuan, and 567 million yuan, respectively, with corresponding EPS of 0.38 yuan, 0.53 yuan, and 0.71 yuan. The company is valued at a PE ratio of 70-75 times for 2024, with a reasonable value range of 26.60-28.50 yuan [7][11] - The gross margin is expected to increase from 25.4% in 2023 to 28.5% by 2026, indicating improved profitability [11][12] Business Segmentation - The financial technology business is projected to grow steadily, with revenues expected to reach approximately 2.132 billion yuan in 2024, reflecting a year-on-year growth of 25.00%. The smart IoT business is expected to recover with a projected growth of 30.00% in 2024 [10][11] - The smart energy information segment is also expected to grow, with revenues projected to reach 394.86 million yuan in 2024, reflecting a growth rate of 15.00% [10]