Seeyon(SH:688369) Haitong Securities·2024-06-03 00:31Investment Rating - The investment rating for the company is "Outperform the Market" [10][26]. Core Views - The company is expected to experience marginal improvement in performance in Q1 2024, focusing on efficiency-driven growth [12][25]. - The company has launched a restricted stock incentive plan to enhance employee motivation, granting 4 million shares at a price of 17.15 CNY per share [3]. - The company aims for revenue growth rates of no less than 6.00%, 12.36%, and 19.10% for the years 2024 to 2026, based on 2023 revenue [3]. Financial Performance Summary - In 2023, the company achieved a revenue of 1,045 million CNY, a year-on-year increase of 1.2%, while net profit was -50 million CNY, a decline of 153.2% [4][25]. - The projected revenues for 2024, 2025, and 2026 are 1,155 million CNY, 1,288 million CNY, and 1,437 million CNY, respectively, with expected growth rates of 10.5%, 11.5%, and 11.6% [4][26]. - The company’s gross margin is expected to improve from 68.4% in 2023 to 72.1% by 2026 [4][29]. Business Segmentation - The company’s revenue from collaborative management software products is projected to be 910.62 million CNY in 2024, with a growth rate of 9.90% [28]. - The technical services segment is expected to generate 131.33 million CNY in 2024, with a growth rate of 15.00% [28]. Valuation Metrics - The company is assigned a dynamic PE ratio of 35-40 times for 2024, with a reasonable value range of 21.00-24.00 CNY per share [26].