MEIYA PICO INC.(SZ:300188)2024-07-22 08:56Financial Data and Key Indicator Changes - In 2023, the company's revenue was 1.984 billion yuan, a year-on-year decrease of 12.98%, and the net profit attributable to shareholders was -206 million yuan, a year-on-year decrease of 239.06% [6][9] - For Q1 2024, revenue increased to 194 million yuan, a year-on-year growth of 31.78%, while the net profit attributable to shareholders improved to -34 million yuan, a year-on-year increase of 79.62% [6][9] - The overall gross margin for 2023 was 46.0%, with projections for 2024-2026 to remain stable around 46.0% to 46.3% [9][18] Business Line Data and Key Indicator Changes - Public Safety Big Data revenue in 2023 was 877 million yuan, accounting for 44.19% of total revenue, with a year-on-year decrease of 6.52% and a gross margin of 33.41% [6][15] - Electronic Data Forensics generated 761 million yuan, representing 38.35% of total revenue, with a year-on-year decline of 7.78% and a gross margin of 58.36% [6][15] - Digital Government and Enterprise Digitalization revenue was 212 million yuan, down 38.08% year-on-year, with a gross margin of 47.34% [6][15] - New Cybersecurity revenue was 134 million yuan, a decrease of 22.99% year-on-year, with a gross margin of 56.41% [6][15] Market Data and Key Indicator Changes - The company is focusing on expanding its market presence in the fields of new cybersecurity and digital government, with strategic investments in innovative products and solutions [7][8] - The company has successfully secured major projects in 2023, reinforcing its position in the public safety big data sector and expanding into law enforcement and immigration services [7] Company Strategy and Development Direction - The company aims to deepen its core business while expanding into new sectors, particularly in big data intelligence and cybersecurity [7][8] - A strategic rebranding to "Guotou Intelligent (Xiamen) Information Co., Ltd." is expected to enhance its market positioning and resource allocation [8] - The company plans to leverage its mixed-ownership structure to maintain vitality and foster an innovative culture, positioning itself as a benchmark for state-owned enterprise reform [8] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by reduced client budgets and delayed order confirmations, impacting revenue in 2023 [6][9] - The outlook for 2024 is optimistic, with expected revenue growth driven by the recovery in core business areas and strategic investments in new technologies [9][18] Other Important Information - The company has set ambitious revenue targets for 2024-2026, projecting revenues of 2.520 billion yuan, 3.025 billion yuan, and 3.560 billion yuan respectively, with corresponding net profits of 277 million yuan, 340 million yuan, and 416 million yuan [9][18] - The company is also focusing on enhancing its R&D capabilities, with a projected R&D expenditure of 21.87% of revenue in 2023 [11] Q&A Session Summary Question: What are the expectations for revenue growth in the coming years? - The company anticipates a revenue increase of 27% in 2024, followed by 20% in 2025 and 17.7% in 2026, driven by the recovery in core business segments and new product introductions [9][18] Question: How does the company plan to address the challenges faced in 2023? - Management indicated that they are focusing on strategic investments and expanding their market presence to mitigate the impact of reduced client budgets and delayed orders [6][9]