Sinnet(SZ:300383)2024-04-30 03:30Investment Rating - The report upgrades the investment rating of the company to "Recommended" [4]. Core Views - The company reported steady revenue growth with a 2023 annual revenue of 7.85546 billion yuan, an increase of 9.24% year-on-year, and a net profit attributable to shareholders of 388 million yuan, up 144.09% [4]. - In Q1 2024, the company achieved a revenue of 1.978 billion yuan, a quarter-on-quarter increase of 2.91%, with a gross margin of 18.67%, up 2.13% [4]. - The company's cloud computing and IDC (Internet Data Center) services are driving its core competitiveness, with cloud computing revenue in 2023 reaching 5.544 billion yuan, a year-on-year increase of 10.56%, accounting for 70.58% of total revenue [4]. - The company is actively planning global IDC deployments, including a project in Johor, Malaysia, which will enhance its international competitiveness in the IDC business [4]. Financial Summary - The company forecasts a net profit of 564.76 million yuan for 2024, 653.28 million yuan for 2025, and 759 million yuan for 2026, with corresponding EPS of 0.31 yuan, 0.36 yuan, and 0.42 yuan [5]. - The projected PE ratios for the same years are 28.20 times, 24.38 times, and 20.98 times, respectively [5]. - The gross margin is expected to stabilize around 16.00% in 2024, with a gradual increase to 17.00% by 2026 [5].