2023年报及2024年一季报点评：业绩短期承压，关注金融信创需求释放

Investment Rating - The report maintains a "Recommend" rating for the company with a target price of 9.50 RMB [7][19] Core Views - The company's performance is under short-term pressure, with 2023 revenue declining by 18.43% YoY to 1.976 billion RMB and net profit attributable to shareholders dropping by 38.95% YoY to 106 million RMB [7] - In Q1 2024, revenue decreased by 19.29% YoY to 377 million RMB, and net profit attributable to shareholders fell by 21.00% YoY to 17 million RMB [7] - The IT infrastructure operation and maintenance service revenue was 970 million RMB in 2023, with a gross margin of 39.12%, up 0.61 percentage points YoY [19] - The company's financial innovation project contracts signed in 2023 totaled 299 million RMB, a YoY increase of 136.41%, primarily driven by favorable national policies and the company's accumulated customer resources [19] Financial Forecast - Revenue is expected to be 2.222 billion RMB in 2024, 2.466 billion RMB in 2025, and 2.715 billion RMB in 2026 [19] - Net profit attributable to shareholders is projected to be 159 million RMB in 2024, 181 million RMB in 2025, and 209 million RMB in 2026 [19] - The company's EPS is forecasted to be 0.38 RMB in 2024, 0.43 RMB in 2025, and 0.50 RMB in 2026 [31] Industry and Market Performance - The company's market performance over the past 12 months shows a decline of 28%, underperforming the CSI 300 index [9] - The company has established partnerships with 61 financial innovation manufacturers and formed strategic partnerships with 25 of them, focusing on basic software and hardware, application software, and information security products [19] Valuation and Ratios - The company's P/E ratio is 35x for 2023, expected to decrease to 23x in 2024, 20x in 2025, and 18x in 2026 [31] - The P/B ratio is 2.3x for 2023, projected to decline to 2.1x in 2024, 1.9x in 2025, and 1.7x in 2026 [31] - The gross margin is expected to improve from 23.2% in 2023 to 24.6% in 2024, 24.5% in 2025, and 24.8% in 2026 [22]