SMHC(SH:600131) Changjiang Securities·2024-05-20 08:32Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 7.673 billion yuan for 2023, a year-on-year increase of 0.76%, and a net profit attributable to shareholders of 828 million yuan, up 3.43% year-on-year [5][6] - In Q4 2023, the company achieved a revenue of 3.734 billion yuan, representing a year-on-year growth of 25.27%, and a net profit of 486 million yuan, which is a 27.24% increase year-on-year [5][6] - For Q1 2024, the company reported a revenue of 1.019 billion yuan, a decrease of 22.98% year-on-year, and a net profit of 12 million yuan, down 83.22% year-on-year [5][6] Business Analysis - In 2023, the company's revenue from power digitalization reached 2.056 billion yuan, an increase of 24.43%, while enterprise digitalization revenue was 1.955 billion yuan, a decrease of 4.58% [6] - The gross margin for the company in 2023 was 21.58%, an increase of 0.94 percentage points year-on-year, with the gross margin for power digitalization at 19.9%, down 2.28 percentage points [6] - The company’s total expenses ratio in 2023 was 11.26%, an increase of 1.62 percentage points year-on-year, with R&D expenses rising due to a focus on key technologies [6] Future Outlook - The company has set a revenue target of 8.49 billion yuan for 2024, which represents an approximate growth of 11% year-on-year [7] - The first batch of digitalization tenders from the State Grid in 2024 is expected to significantly support the company's performance [7] - The estimated net profit for 2024 is around 1 billion yuan, corresponding to a PE ratio of approximately 20 times [7]