The company released the third quarterly report of 2023, and the performance increased steadily. In the first three quarters of 2023, the company achieved an operating income of 823 million yuan, an increase of 12.50% over the same period last year, and a net profit of 80.5 million yuan, an increase of 9.69% over the same period last year. In a single quarter, the company's Q3 achieved an operating income of 340 million yuan, an increase of 19.73% over the same period last year, and a net profit of 28.51 million yuan, down 1.99% from the same period last year. The cost side is relatively stable. The sales expense rate, management expense rate and R & D expense rate in the first three quarters were 8.51%, 6.10%, 4.44%, respectively, and the year-on-year growth was + 0.44pct/-1.30pct/+0.16pct. The R & D expenditure in the first three quarters was 36.55 million yuan, an increase of 16.70% over the same period last year.

Customers' high-quality coverage of the downstream subdivision of the track, deep accumulation of technology, stable industry demand. The company's downstream customers are involved in finance, telecommunications, transportation, government and other industries, and in the financial industry has people's Bank of China, state-owned banks, city commercial banks, insurance and other high-quality customers, strong anti-risk ability.

The development of the company's software and hardware product business is accompanied by the process of customer IT infrastructure construction, including meeting the needs of customer data center construction, upgrading, transformation, etc., in this process, the company also fully understands the performance indicators and technical characteristics of the original software and hardware products, accumulates profound technical precipitation, and can provide better services for customers when carrying out operation and maintenance business. With the development of information technology in various industries, the market for operation and maintenance services of IT infrastructure is becoming more and more broad. According to iResearch Consulting data, the overall market size of China's IT infrastructure operation and maintenance will exceed 300 billion yuan in 2023, providing a huge market space for the company's future development.

Develop independent intelligent operation and maintenance products and operational data analysis services, and the improvement of product capability can provide performance growth in the future. The company has developed derivative business on the basis of operation and maintenance business, in which autonomous intelligent operation and maintenance products encapsulate the company's best practices of operation and maintenance for more than ten years, through continuous polishing and iteration of customer scenes, first achieve "small and sophisticated", and then form a large-scale. After accumulating certain cases, the operation data analysis service is also easy to realize production.

[investment advice]

The company is a leading domestic provider of intelligent operation and maintenance services and products for IT infrastructure, with mature solutions and rich operation and maintenance experience in both traditional architecture and open cloud architecture. The company and IBM, ORACLE, VMware, Huawei, Lenovo, Tide, Aliyun and other domestic and foreign partners provide customers with standardized, automated and intelligent operation and maintenance service experience to help customers improve operation and maintenance efficiency and reduce operation and maintenance costs. As a leader in IT operation and maintenance industry, the company is expected to benefit from the steady growth of downstream demand and the continuous promotion of financial innovation. We estimate that the operating income of the company in 2023, 2024, and 2025 will be 1,545,18.18, respectively. The net profit of the company will be 1.71, 2.28, and EPS, respectively, and the corresponding PE will be 22.25, 16.68 / 12.35, respectively.