经营性现金流净额同比大增，积极摸索新领域。2023 年前三季度，公司经营活动产生的现金流量净额为5,112.59 万元，同比增长110.64%。报告期内，公司积极探索大模型应用，不断深耕数据要素市场，通过“T+F+N”数据战略，以五个全面科技服务能力，即全领域的业务支撑、全体系的技术支持、全场景服务模式、全融合的金融服务链接、全链路的数据架构，实现金融服务场景及数据要素共享的融合，加速各行业数字化转型。Investment event: on October 25, the company released its third quarter report of 2023. In the first three quarters of 2023, the company achieved revenue of 1.431 billion yuan, an increase of 5.8% over the same period last year; net profit of 61 million yuan, an increase of 75.14% over the same period last year; and net profit of 0.
6.2 billion yuan, an increase of 66.47 percent over the same period last year.
The profit end grows at a high speed, and the business blossoms at multiple points. In the first three quarters of 2023, the company achieved revenue of 1.431 billion yuan, an increase of 5.8% over the same period last year, net profit of 61 million yuan, an increase of 75.14% over the same period last year, and net profit of 62 million yuan, an increase of 66.47% over the same period last year. In the third quarter alone, the company's revenue was 492 million yuan, an increase of 8.22% over the same period last year, and its net profit was 38.9523 million yuan, an increase of 299.25% over the same period last year. Excluding the factors affecting the payment of shares and the interest expenses of convertible bonds in the first three quarters, the company's net profit was 117.3605 million yuan, an increase of 72.67% over the same period last year. During the reporting period, the company's business blossomed and won a number of 10 million-level projects in credit, supervision, risk management, new core systems and other sub-areas.
The net operating cash flow has greatly increased compared with the same period last year, actively exploring new areas. In the first three quarters of 2023, the net cash flow generated by the company's operating activities was 51.1259 million yuan, an increase of 110.64% over the same period last year. During the reporting period, the company actively explored the application of large models, continuously ploughed the market of data elements, and adopted the "T+F+N" data strategy to accelerate the digital transformation of various industries with five comprehensive science and technology service capabilities, namely, full-domain business support, full-system technical support, full-scene service model, fully-integrated financial service link, and full-link data structure.
The company explores opportunities and strategic layout related to the industrial chain. On July 18, the company and Capital online signed the "property share transfer Agreement of Nanjing and run Division Venture Capital Partnership (Limited Partnership)". The company intends to transfer the 10 million yuan share of the Herun Fund that has been subscribed but has not yet been actually paid by Capital online. Through this participation in the establishment of an industrial investment fund, the company can deepen cooperation with partners in the field of cloud computing and expand the strategic layout of the company in the relevant industrial chain.
Investment suggestion: the forecast company's revenue from 2023 to 2025 is 2.298 million yuan, 2.992 billion yuan, respectively, and the net profit from its mother is 1.29 million yuan, respectively. The net profit is 1.79 million million yuan, and the corresponding PE is twice that of 43-31-23, maintaining the "buy" rating.
Risk tip events: business development is not as expected, policy progress is slow, and so on.