Investment Rating - The investment rating for the company is "Buy" with a target price of 39.73, maintaining the previous rating of "Buy" [23]. Core Views - The company has shown strong growth in its new e-commerce customer service outsourcing business, contributing to a revenue increase of 34.3% year-on-year in Q1 2024, reaching 3,468 million yuan [15][24]. - The new business is expected to demonstrate stronger synergy, gradually enhancing profitability and contributing to overall company profits [15]. - The company reported a net profit of 424.8 million yuan for the full year 2023, reflecting a year-on-year growth of 1.4% [15][24]. Summary by Sections Company Overview - The company is a leading provider of e-commerce software services, focusing on the development, sales, and operation of e-commerce service software [2]. Financial Performance - In 2023, the company achieved total revenue of 114 million yuan, with a projected increase to 156 million yuan in 2024 [24]. - The net profit for 2023 was 42 million yuan, with expectations of growth to 56 million yuan in 2024 [24]. - The company’s EBIT for 2023 was 38 million yuan, anticipated to rise to 60 million yuan in 2024 [24]. Profitability Metrics - The operating profit margin for 2023 was 33.4%, expected to increase to 38.4% in 2024 [24]. - The net profit margin for 2023 was 37.0%, projected to decrease slightly to 36.1% in 2024 [24]. Market Position - The company has a market capitalization of 864 million yuan, with a 52-week price range of 15.30 to 33.99 [8][23]. - The average daily trading volume is 0.42 million shares, with an average daily trading value of 10.10 million yuan [15]. Future Outlook - The company is focusing on enhancing its product offerings in the e-commerce customer service sector, with plans to leverage AI technology for improved customer engagement and operational efficiency [15]. - The EPS forecast for 2024 is set at 1.45 yuan, with further growth expected in subsequent years [15][24].
2023年&2024Q1业绩点评：24Q1新业务起量，未来望展现更强协同