分业务线而言，公司信息技术服务单Q3 实现营收 7.4 亿元，同比增长 18.5%。其中软件及数字化转型服务营收为 4.4 亿元，同比增长 23.4%，较上半年增速提升 4.8pct；软件产品与解决方案营收为2.5亿元，同比增长15.1%，较上半年降速15.2pct，由于软件产品与解决方案需求大多来源于中小银行，我们认为可能 Q3 受到中小银行需求放缓和部分业务未及验收的影响。公司业务流程外包业务单 Q3 实现营收 3.6 亿元，同比增长 1.7%，我们认为主要系客户服务及数字化影响业务承压。根据公司公告，预期该产品线到四季度收入端能看到明显改善。Brief comment on performance
On October 24, 2023, the company disclosed its third-quarter results report: revenue in the first three quarters of the company reached 3.12 billion yuan, an increase of 15.4% over the same period last year, gross profit increased by 20.8% over the same period last year, and net profit of 230 million yuan was deducted, up 36.4% from the same period last year. In the third quarter alone, the company achieved revenue of 1.1 billion yuan, an increase of 12.4% over the same period last year, and gross profit increased by 21.2% over the same period last year. The net profit after deducting non-return was 95 million yuan, an increase of 21.0% over the same period last year, maintaining a scissors gap in positive income and profit for the fifth consecutive quarter.
Business analysis
In terms of business lines, the company's information technology service order Q3 achieved revenue of 740 million yuan, an increase of 18.5% over the same period last year. The revenue from software and digital transformation services was 440 million yuan, an increase of 23.4% over the same period last year, an increase of 4.8 pct over the first half of the year; revenue from software products and solutions was 250 million yuan, up 15.1% from the same period last year, slowing down 15.2pct compared with the first half of the year. As the demand for software products and solutions mostly comes from small and medium-sized banks, we think that Q3 may be affected by the slowdown in demand from small and medium-sized banks and the failure of some business acceptance. The company's business process outsourcing business sheet Q3 achieved revenue of 360 million yuan, an increase of 1.7% over the same period last year. We believe that customer service and digitization affect the business pressure. According to the company announcement, the product line is expected to see a significant improvement in revenue in the fourth quarter.
The growth of costs has slowed down, and the quality of the company's operation has continued to improve. The company's single Q3 cost and three fees increased by 11.3% compared with the same period last year, slowing down 4.6pct compared with the first half of the year, and continuing to reduce costs and improve efficiency. In the third quarter, sales expenses increased by 10.5% year-on-year, slightly faster than in the first half of the year. We believe that the main reason is to increase the expansion of non-core customers; management fees increased by 19.7% year-on-year, faster than in the first half of the year, mainly due to the planned grant of stock options in Q3 and confirmation of share payment fees; R & D expenses increased by 22.2% year-on-year, basically the same as the growth rate in the first half of the year. In addition, due to the less growth of the company's Q3 accounts receivable, the corresponding credit impairment loss is reduced, which also brings a positive contribution to the expansion of the scissors gap between the company's income and profit.
Earnings forecast, valuation and rating
We maintain our previous profit forecast that the company's operating income in 2023-2025 is expected to be 43.1 million yuan, an increase of 17.4 percent, 16.7 percent, 17.3 percent, and an estimated net profit of 3.5 picks, 4.2 percent, 5.0 billion yuan, an increase of 27.6 percent, 17.3 percent, 20.4 percent, corresponding to 22.7 percent, 19.4 percent, 16.0 times PE, and a "buy" rating.
Risk hint
Bank IT investment is not as expected; industry competition aggravates the risk; capital raising is not as expected; senior executives and major shareholders reduce the risk.
