Koal(SH:603232) Orient Securities·2024-05-23 13:34Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.70 CNY based on a 49x PE for 2024 [5][16]. Core Insights - The company reported a revenue decline of 14.89% in 2023, totaling 561 million CNY, while achieving a net profit of 37 million CNY, reflecting a significant increase of 524.28% [12]. - The company is focusing on new technologies and scenarios, emphasizing innovation in data governance and privacy protection, and is actively investing in quantum security and privacy computing [13]. Financial Performance Summary - Revenue for 2023 was 561 million CNY, down from 660 million CNY in 2022, with a projected recovery to 646 million CNY in 2024, followed by 747 million CNY in 2025 and 854 million CNY in 2026 [7]. - The gross margin improved to 47.48% in 2023, up by 7.62 percentage points year-on-year [12]. - The company’s EPS is forecasted to be 0.30 CNY in 2024, 0.36 CNY in 2025, and 0.41 CNY in 2026, with previous estimates being higher [5][20].