Runjian (SZ:002929) GOLDEN SUN SECURITIES·2024-05-08 06:07Investment Rating - The report maintains a "Buy" rating for the company [7][9]. Core Views - The company achieved a revenue of 8.83 billion yuan in 2023, representing a year-on-year growth of 8.2%, while the net profit attributable to shareholders was 440 million yuan, up 3.4% year-on-year [1]. - In Q1 2024, the company reported a revenue of 2.14 billion yuan, a decline of 6.8% year-on-year, and a net profit of 130 million yuan, down 8.7% year-on-year, primarily due to a high base from the previous year and the impact of the new energy business's construction rhythm [1]. - The company is focusing on high-quality customer demands in its digital business, which saw a revenue decline of 12.6% in 2023, but is expected to recover as it adjusts its strategy [2]. - The cloud services and IDC business generated 310 million yuan in revenue in 2023, marking a significant growth of 36.5% year-on-year, indicating a strong future growth trajectory in the AI era [3]. - The communication maintenance business grew steadily, achieving a revenue of 4.56 billion yuan in 2023, up 4.2% year-on-year, providing a solid foundation for the company [5]. - The new energy business experienced remarkable growth, with a revenue of 1.85 billion yuan in 2023, up 61.7% year-on-year, driven by the commencement of previously signed framework agreements [6]. Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 10.46 billion yuan, 11.69 billion yuan, and 12.89 billion yuan, respectively, with net profits expected to be 580 million yuan, 690 million yuan, and 780 million yuan [7]. - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 2.07 yuan, 2.46 yuan, and 2.78 yuan, respectively [4]. - The price-to-earnings (P/E) ratio is expected to decrease from 17.0 in 2024 to 12.7 in 2026, indicating potential value appreciation [4].