Runjian (002929) 国联证券·2024-05-09 15:30Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 52.27 CNY, based on a current price of 33.90 CNY [6]. Core Insights - The company achieved a revenue of 8.826 billion CNY in 2023, representing a year-on-year growth of 8.17%. The net profit attributable to shareholders was 439 million CNY, up 3.38% year-on-year. However, in Q1 2024, the revenue decreased by 6.75% to 2.139 billion CNY, and the net profit fell by 8.71% to 127 million CNY [3][15]. - The company is focusing on enhancing its computing power services and has secured significant contracts, including a comprehensive maintenance service project with China Mobile for 2023-2026, maintaining a leading market share in 15 out of 21 provinces [4][14]. Financial Performance Summary - In 2023, the company reported a revenue of 8.826 billion CNY, with a growth rate of 8.17%. The EBITDA was 579 million CNY, and the net profit was 439 million CNY, with a growth rate of 3.39% [16]. - The forecast for 2024-2026 indicates revenues of 10.852 billion CNY, 13.153 billion CNY, and 15.457 billion CNY, with respective growth rates of 22.95%, 21.20%, and 17.52%. The net profit is expected to be 587 million CNY, 707 million CNY, and 814 million CNY, with growth rates of 33.84%, 20.48%, and 15.08% [15][16]. - The earnings per share (EPS) are projected to be 2.09 CNY, 2.52 CNY, and 2.90 CNY for 2024, 2025, and 2026, respectively, with a three-year compound annual growth rate (CAGR) of 22.89% [15]. Business Development - The company is actively developing its computing power services, having established partnerships with several supercomputing centers. It is also raising funds through convertible bonds to build a cloud computing center, which will be the largest in Guangxi [14][15]. - The company has made significant progress in its intelligent maintenance services, winning key projects and expanding its market presence in various provinces [4][14].