BEYONDSOFT(002649) 海通证券·2024-06-05 01:31Investment Rating - The report maintains an "Outperform the Market" rating for the company [19]. Core Insights - The company is expected to achieve steady revenue growth in 2024, with new business segments potentially becoming a second growth curve. The digital economy and AI large models present new opportunities, although challenges such as economic recovery and geopolitical tensions persist [5][21]. - The company has made significant progress in AI technology development and is collaborating with major firms like Microsoft, which may yield benefits from the overseas large model development [21]. - The financial business is projected to maintain growth above the industry average, while the internet and high-tech sectors are expected to stabilize with a focus on improving profit margins [5][19]. Financial Performance Summary - In 2023, the company reported revenue of 6.601 billion yuan, a slight increase of 1.89% year-on-year, while net profit decreased by 29.73% to 217 million yuan due to rising operational costs and asset impairment provisions [19][20]. - For 2024, the company anticipates revenue of 7.018 billion yuan, with a projected net profit of 256 million yuan, reflecting a recovery of 18% year-on-year [20]. - The gross margin for 2023 was 24.86%, showing a slight decline of 0.57 percentage points compared to the previous year, indicating stable profitability [19][20]. Business Segment Analysis - The financial sector achieved revenue of 1.738 billion yuan in 2023, growing by 9.26% year-on-year, while the internet business saw a slight decline of 2.32% to 2.441 billion yuan [19]. - New business contracts signed in Q1 2024 amounted to approximately 300 million yuan, with expectations for significant revenue contributions in the latter half of 2024 [19][20]. - The company is focusing on sectors such as agriculture and energy for new business development, aiming for a revenue contribution of at least 300 million yuan from these areas in 2024 [5][19]. Financial Forecasts - The company forecasts net profits of 256 million yuan in 2024, 330 million yuan in 2025, and 424 million yuan in 2026, with earnings per share (EPS) projected at 0.43 yuan, 0.56 yuan, and 0.72 yuan respectively [20][21]. - The expected revenue growth rates are 6.3% for 2024, 12.1% for 2025, and 14.1% for 2026, indicating a positive growth trajectory [20].