盈利预测：我们预计公司2023-2025 年摊薄每股收益分别为0.82 元、0.83 元、1.09 元。Revenue and profit have grown rapidly. In the first three quarters of 2023, the company achieved operating income of 1,093 million yuan, an increase of 24.62% over the previous year; net profit attributable to owners of the parent company was 307 million yuan, an increase of 91.72% over the previous year; and net profit attributable to owners of the parent company deducted from non-recurring profit and loss of 183 million yuan, an increase of 29.39% over the previous year. The company's gross profit margin for the first three quarters was 40.92%, which is basically the same as the same period last year.
Q3 Quarterly performance: Revenue and net profit after deducting non-net profit increased, while net profit declined slightly. In the third quarter of 2023, the company achieved operating income of 360 million yuan, a year-on-year increase of 23.73%; net profit attributable to owners of the parent company was 56 million yuan, a year-on-year decrease of 7.46%; and net profit attributable to owners of the parent company deducted non-recurring profit and loss of 68 million yuan, an increase of 25.14% over the previous year. Operating cash flow continued to grow. Net operating cash flow for the third quarter was 70 million yuan, up 69.78% year on year.
R&D expenses are growing rapidly. In the first three quarters of 2023, the company invested 184 million yuan in R&D, up 23.20% year on year; R&D expenses reached 16.84%, up 0.89 percentage points year on year; sales expenses reached 32 million yuan, up 7.04% year on year; sales expenses reached 2.93%, down 0.26 percentage points year on year; management expenses reached 44 million yuan, up 16.76% year on year; management expenses reached 4.05%.
Profit forecast: We expect the company's diluted earnings per share for 2023-2025 to be $0.82, $0.83, and $1.09, respectively.
Risk factors: 1. Competition in the industry market has intensified; 2.AI product development progress has fallen short of expectations; 3. The implementation of state-owned assets cloud has fallen short of expectations.
