Investment Rating - The report maintains a "Buy" rating for the company, with a recommendation to "Increase Holdings" [2][3]. Core Insights - The company completed the acquisition of Tongfang Computer, enhancing its hardware and software integration capabilities within the Huawei ecosystem. This strategic move aims to develop integrated intelligent computing solutions for both B-end and C-end markets [1]. - In 2023, the company reported a revenue of 17.581 billion yuan, a year-on-year decline of 8.0%, and a net profit attributable to shareholders of 534 million yuan, down 45.1%. However, in Q1 2024, revenue increased by 29.65% year-on-year to 5.449 billion yuan, although the net profit was a loss of 277 million yuan [3][4]. - The consulting and solutions segment showed growth, with a revenue of 1.319 billion yuan in 2023, up 24.08% year-on-year. However, the general technical services segment saw a decline of 16.43% [3]. Financial Summary - For the fiscal year 2023, the company achieved a gross margin of 19.3%, which is a decrease of 2.00 percentage points year-on-year. The overall expense ratio was 16.65%, slightly down by 0.03 percentage points [2][4]. - The forecast for net profit attributable to shareholders for 2024-2026 is projected at 657 million yuan, 788 million yuan, and 945 million yuan, respectively, indicating a recovery trend [3][4]. - The company's earnings per share (EPS) for 2023 was 0.56 yuan, with projections of 0.69 yuan for 2024, 0.83 yuan for 2025, and 0.99 yuan for 2026 [2][4].
完成同方计算机收购，实现软硬件协同发展