齐心集团：公司年报点评：B2B业务稳步增长，品牌新文具打造核心能力

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company has shown steady growth in its B2B business, while its SaaS software services have incurred significant losses. In Q1 2024, the company reported revenues of 2.191 billion yuan, a year-on-year increase of 14.66%, and a net profit attributable to shareholders of 49 million yuan, indicating a steady growth in both revenue and profit [2][3]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 11.099 billion yuan, representing a year-on-year growth of 28.6%. The net profit was 77 million yuan, a decrease of 39.4% compared to the previous year. The basic earnings per share (EPS) for 2023 was 0.11 yuan [16][19]. - The company’s gross margin for 2023 was 8.4%, down 1.69 percentage points year-on-year. The net profit margin also saw a slight decline to 0.55% [17][19]. Business Segments - The B2B office supplies procurement business and the new brand stationery achieved revenues of 11.022 billion yuan in 2023, a year-on-year increase of 29.93%. The net profit, excluding goodwill impairment, was 244 million yuan, up 8.93% year-on-year. In contrast, the SaaS software service revenue fell by 47.24% to 77.28 million yuan, resulting in a loss of 112 million yuan [2][3]. Future Outlook - The company is expected to see net profits of 236 million yuan and 291 million yuan in 2024 and 2025, respectively, with growth rates of 207.3% and 23.2%. The price-to-earnings (P/E) ratio for 2024 and 2025 is projected to be 16.7 and 13.5 times, respectively [18][19]. - The report suggests a reasonable valuation range of 7.26 to 7.59 yuan based on comparable companies, reinforcing the "Outperform the Market" rating [18]. Strategic Focus - The company continues to focus on core clients, including state-owned enterprises and government institutions, enhancing its sales scale with major clients. The strategy includes diversifying channels, innovating products, and strengthening brand partnerships [3].