营收逐季改善，业务稳定增长。分季度看，2023Q1-Q2，公司分别实现营收2.96/4.53 亿元，同比增长7.09%/11.82%，Q2 增速较Q1 提升。2023H1，分产品看，公司数字金融业务收入4.71 亿元，同比增长12.08%；大数据应用系统收入2.37 亿元，同比增长4.04%；全财务价值链业务管理收入0.41 亿元，同比增长22.36%。分业务看，软件开发收入6.96 亿元，同比增长10.88%；系统集成收入0.10 亿元，同比减少50.72%；维护服务收入0.43 亿元，同比增长28.55%。分地区看，境内收入6.99 亿元，同比增长17.02%；境外收入0.50亿元，同比减少40.62%。The company released its 2023 mid-year report. Revenue increased steadily. Excluding the impact of amortization on share payments, the profit side increased slightly. Looking forward to the future, the company said it will continue to reduce costs and increase efficiency, strengthen refined project management, and improve delivery efficiency. The amount of sales contracts signed by the company in 2022 increased by nearly 10% year-on-year. The implementation of a new generation of core systems, financial innovation and innovation, etc. are high, and the company's future business space is broad. Maintain “increase in holdings”
ratings.
Matters: The company released its 2023 annual report. In the first half of the year, it achieved revenue of 749 million yuan, an increase of 9.91% over the previous year; realized net profit of 10 million yuan, a year-on-year decrease of 246.58%; realized net profit of non-attributable net profit of -316 million yuan, a year-on-year decrease of 612.09%.
Revenue is improving quarter by quarter, and business is growing steadily. On a quarterly basis, in 2023Q1-Q2, the company achieved revenue of 296/453 million yuan, respectively, an increase of 7.09%/11.82% over the previous year. The Q2 growth rate increased compared to Q1. 2023H1, by product, the company's digital finance business revenue was 471 million yuan, up 12.08% year on year; big data application system revenue was 237 million yuan, up 4.04% year on year; and total financial value chain business management revenue was 41 million yuan, up 22.36% year on year. By business, software development revenue was 696 million yuan, up 10.88% year on year; system integration revenue was 0.1 million yuan, down 50.72% year on year; and maintenance service revenue was 43 million yuan, up 28.55% year on year. By region, domestic revenue was 699 million yuan, up 17.02% year on year; overseas revenue was 50 million yuan, down 40.62% year on year.
Continue to open up resources and save money, and sales and receipts have greatly improved. The company's gross profit margin for the first half of the year was 36.34%, down 3.17 pcts from the previous year. This is due to a large increase in labor costs and the acceptance of some projects with low implementation efficiency in previous years.
Looking ahead, the company plans to adopt measures such as balancing personnel recruitment, improving delivery efficiency, increasing the degree of commercialization, and enhancing product competitiveness to raise prices, etc., and gross margin is expected to rise. 2023H1, the company's sales expenses were 79 million yuan, up 20.11% year on year, which is an increase in sales activity; R&D expenses of 70 million yuan, a year-on-year decrease of 0.06%, an increase in R&D efficiency; and management expenses of 122 million yuan, an increase of 8.90% over the previous year, representing an increase in equity amortization expenses. The company implemented an equity incentive plan in 2022. Amortized expenses of 16.9387 million yuan in the first half of the year. Excluding the impact, net profit to the mother was 6.9989 million yuan, an increase of 3.21% over the previous year. The company achieved net operating cash flow of 251 million yuan in the first half of the year, an increase of 47.44% over the previous year, which is an increase in sales repayment.
Products and services continue to innovate, and innovation adaptation opens up long-term space. In terms of digital finance business, the company concentrated on tendering for various projects such as banking core, credit management, and core business of finance companies, and also won a bid for a major joint-stock bank's credit due diligence platform project to broaden the scope of business; in terms of big data application system business, the company continued to consolidate the foundation of major customers, win bids for nearly 10 policy banks and joint-stock commercial banks, and won bids for big data projects for commercial banks in 20 cities; in terms of full-financial value chain business management solutions, value-oriented performance evaluation and performance management platforms for in-depth financial value chain business management solutions have become an industry trend. Implementation experience is expected to drive a new round of change in this field. The company continues to innovate independently, enhance product strength, expand business scope, and empower the digital transformation of the financial industry. The next-generation distributed core business system will have comprehensive credit and innovation adaptation capabilities, and is expected to achieve long-term growth.
Risk factors: Downstream banks' IT investment falls short of expectations; the company's overseas business promotion falls short of expectations; the company's product development and innovation progress falls short of expectations; cost control falls short of expectations.
Profit Forecast, Valuation and Rating: Maintain the 2023-25 net profit forecast of 127/207/309 million yuan, corresponding to the EPS forecast of 0.17/0.28/0.42 yuan. Considering that previously affected by factors such as the macro environment, the banking IT industry experienced phased pressure and rising labor costs, it would take a certain amount of time for the company's main business, especially the profit side, to recover, and maintain the “increase in holdings” rating.
