Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [1][8]. Core Insights - The company has shown resilience in its digital innovation business despite external challenges, with a new integrated "software service + computing power product" business model expected to enhance overall technical service solutions and market expansion capabilities [3][4]. - The company reported a revenue of 17.581 billion yuan in 2023, a decrease of 7.97%, while the net profit attributable to shareholders was approximately 534 million yuan, reflecting a significant decline of 45.15% [1]. - For Q1 2024, the company achieved a revenue of 5.449 billion yuan, marking a growth of 29.65%, although the net profit attributable to shareholders was a loss of 277 million yuan, a drastic decline of 557.51% [1]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 29.66 billion yuan, 32.70 billion yuan, and 36.83 billion yuan, respectively, with corresponding growth rates of 68.71%, 10.24%, and 12.65% [3][4]. - The net profit attributable to shareholders is expected to be 675 million yuan in 2024, 770 million yuan in 2025, and 1.022 billion yuan in 2026, with growth rates of 26.38%, 14.05%, and 32.82% respectively [4][6]. Business Development - The company is actively expanding its overseas business in markets such as the UAE, Saudi Arabia, and Vietnam, and has established a strong presence in Singapore and Malaysia [1]. - The company has successfully secured major contracts, including a significant share in the centralized procurement project for PC servers by China Mobile in 2024, indicating a robust market position in the smart computing sector [1][2]. Strategic Initiatives - The company has formed strategic partnerships and established a wholly-owned subsidiary in Liaoning to develop virtual power plants and charging stations, aiming to become a leading provider of integrated computing power services in China [2]. - The company is focusing on enhancing its domestic software and hardware ecosystem, actively participating in digital energy and intelligent computing services [1].
2023年报点评：新业务新行业稳健，“软硬件一体化”成型