HAND(300170) 国投证券·2024-05-12 13:02Investment Rating - Maintains a Buy-A rating with a 6-month target price of 7.69 yuan, equivalent to a 40x forward P/E ratio for 2024 [5] Core Views - The company faces short-term performance pressure due to industry environment changes and internal adjustments [2] - The company is actively optimizing its business structure and cost management to improve efficiency and profitability [13] - The company is focusing on AI and overseas market opportunities to drive future growth [16][17] Financial Performance - 2023 revenue was 2.98 billion yuan, down 0.9% YoY, with a net loss of 25.38 million yuan [12] - Q1 2024 revenue grew 1.63% YoY to 732 million yuan, with net profit increasing 59.53% YoY to 50.45 million yuan [12] - Forecasted revenue for 2024-2026 is 3.32/3.65/4.29 billion yuan, with net profit of 189/238/273 million yuan [5] Business Strategy - The company is implementing measures to improve operational efficiency, including optimizing internal management and controlling order risks [13] - The company is focusing on AI applications, with its H-Copilot product generating 22 million yuan in revenue in 2023 [17] - The company is expanding its overseas business, particularly in Japan and Southeast Asia, with a new delivery center in Southeast Asia [17] Valuation and Metrics - 2024E P/E ratio is 32.98x, with a P/B ratio of 1.24x [7] - 2024E net profit margin is expected to be 5.7%, with ROE at 3.8% [7] - The company's EV/EBITDA for 2024E is 13.49x [23] Growth Drivers - The company's self-developed software and digital solutions are driving revenue growth, with a 5.74% increase in 2023 [17] - The company is leveraging its AI capabilities and overseas market expansion to capture new growth opportunities [16][17]