CENTURY HUATONG(002602) 海通证券·2024-05-26 07:01Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company achieved a revenue of 13.285 billion yuan in 2023, representing a year-on-year growth of 15.77%. The overseas revenue was 6.1 billion yuan, accounting for 46% of total revenue. The operating profit was 999.4 million yuan, and the net profit attributable to shareholders was 524 million yuan. In Q1 2024, the company reported a revenue of 4.262 billion yuan, a year-on-year increase of 40.99%, with a net profit attributable to shareholders of 652 million yuan, up 50.32% year-on-year [4][5][8] Summary by Sections Financial Performance - The company forecasts revenues of 15.920 billion yuan, 18.407 billion yuan, and 21.309 billion yuan for 2024, 2025, and 2026 respectively, with a year-on-year growth rate of 19.8%, 15.6%, and 15.8% [5][8] - The net profit is projected to be 2.587 billion yuan, 3.072 billion yuan, and 3.637 billion yuan for 2024, 2025, and 2026 respectively, with significant growth rates of 393.7% and 18.7% for the following years [5][8] Business Developments - The company secured exclusive rights for the "Legend" series in mainland China, which is expected to enhance its market position and generate additional revenue opportunities [4] - The company is transitioning from traditional IDC services to AI-integrated services, which is anticipated to expand its growth potential significantly [4] Valuation and Earnings Forecast - The estimated EPS for 2024, 2025, and 2026 is projected to be 0.35 yuan, 0.41 yuan, and 0.49 yuan per share respectively. The company is assigned a dynamic PE ratio of 15 to 17 times for 2024, leading to a reasonable value range of 5.25 to 5.95 yuan per share [4][5][8]