第三季度，公司销售费用、管理费用和研发费用分别为0.74 亿元、1.55 亿元和0.94 亿元，分别同比下降1.72%、11.12%和2.38%；销售费用率、管理费用率和研发费用率分别为11.29%、23.56%和14.33%，分别同比下降0.48pct、3.60pct 和0.71pct，费用控制良好，管理费用率下降幅度较大。Events:
On the evening of October 30, the company announced the third quarter report of 2023 that the company realized revenue of 1.858 billion yuan in the first three quarters,-3.13% year-on-year, and net profit of 14 million yuan, + 27.05%, deducting 5.214 million yuan of non-return net profit, + 124.92% of the same period last year. In the third quarter, the company achieved revenue of 658 million yuan, + 2.44% compared with the same period last year; realized net profit of-7.89 million yuan; deducted non-return net profit of-12.2943 million yuan; EPS of-0.0029 yuan, Q3 reduced losses compared with the same period last year.
The cost is well controlled, and the rate of management expenses decreases greatly.
In the third quarter, the company's sales expenses, management expenses and R & D expenses were 74 million yuan, 155 million yuan and 94 million yuan respectively, down 1.72%, 11.12% and 2.38% respectively from the same period last year. The rates of sales expenses, management expenses and R & D expenses were 11.29%, 23.56% and 14.33% respectively, which decreased by 0.48pct, 3.60pct and 0.71pct respectively compared with the same period last year.
Infrasys successively broke through international wine management groups such as Hilton and Marriott in May 2023, a wholly-owned subsidiary signed a major Infrasys Cloud contract with Hilton Group, agreeing that the company and its subsidiaries will provide a new generation of cloud catering management system Infrasys Cloud and related professional services and supporting hardware products to the hotels managed and operated by Hilton Group and its affiliated companies in the form of SaaS services. On October 17, the company reached a global cooperation framework agreement with Marriott International to continuously promote Infrasys cloud POS solutions in Africa, Asia Pacific, the Caribbean and Latin America, Europe and the Middle East to help Marriott simplify operations and improve the guest experience. The company has broken through the international wine management group one after another, and the internationalization and cloud strategy continues to land.
Earnings forecast, valuation and rating
Taking into account the slow recovery of demand in the industry, we adjusted the company's revenue forecast for 2023-25 to 2.751 million yuan, respectively (the original value is 30.16355 million, 4.058 billion yuan), and the corresponding growth rate was 6.0%, 15.40%, 14.60%, respectively. The net profit of returning to the mother is-186max, 237 million yuan (the original value is 0.41, 106.296). The EPS is-0.07 pound 0.01 pound 0.09 yuan per share. In view of the fact that the proportion of the company's cloud service subscription revenue is increasing year by year and the initial results of international market expansion, it is recommended to pay attention to it.
Risk tips: increased market competition; cloud business expansion is not as expected; overseas business expansion is not as expected; goodwill impairment risk.
