费用水平稳定，盈利能力提升。2023 年前三季度，公司降本增效成果显著，销售/管理/研发费用率分别为1.60%/3.25%/9.6%，同比分别变动-0.12/-0.16/0.48pct；毛利率和净利率则分别为23.68%、7.97%，同比分别提升1.07、1.01pct。费用水平保持稳定的同时，盈利能力得以提升。公司也在持续投入研发，坚持研发驱动创新、创新驱动成长的路线，前三季度研发投入总额3.00 亿元，同比增长21.54%。截至2023 年三季度，公司拥有专利29 项、软件著作权198 项、完成国家级信创认证11 项。其中三季度公司新增专利1 项、软件著作权11项、国家级信创认证3 项。The company released its three-quarter report for 2023. In the first three quarters of 2023, the company achieved operating income of 3.123 billion yuan, an increase of 15.36% over the previous year, and realized net profit of 249 million yuan, an increase of 32.09% over the previous year.
Looking at a single quarter, the company achieved operating income of 1,099 billion yuan in 2023Q3, an increase of 12.37% over the previous year, and realized net profit of 99 million yuan, an increase of 18.27% over the previous year.
The business structure is optimized, and the scale is growing steadily. By business, the company's information technology service sector achieved revenue of 2,047 billion yuan in the first three quarters of 2023, an increase of 20.46% over the previous year. Among them, the software and digital transformation service product line achieved revenue of 1,243 billion yuan, an increase of 20.28% over the previous year; the software product and solution product line achieved revenue of 681 million yuan, an increase of 25.82% over the previous year. The business process outsourcing sector achieved revenue of 1,075 billion yuan, an increase of 6.74% over the previous year. The company adheres to the commercialization strategy and focuses on developing software products and solutions business. The revenue share of this business continues to rise. It accounted for 22% of the company's revenue in the first three quarters, and the company's overall revenue structure is gradually being optimized.
Expense levels are stable and profitability is increasing. In the first three quarters of 2023, the company achieved remarkable results in cost reduction and efficiency. The sales/management/R&D expense ratio was 1.60%/3.25%/9.6%, with year-on-year changes of -0.12/-0.16/0.48pct respectively; gross margin and net margin were 23.68% and 7.97% respectively, up 1.07 and 1.01 pct, respectively. While cost levels remained stable, profitability increased. The company also continues to invest in R&D, adhering to the path of R & D driven innovation and innovation driven growth. The total R&D investment in the first three quarters was 300 million yuan, an increase of 21.54% over the previous year. As of the third quarter of 2023, the company has 29 patents, 198 software copyrights, and completed 11 national innovation certifications. Among them, the company added 1 new patent, 11 software copyrights, and 3 national innovation certifications in the third quarter.
[Investment advice]
The company is the main provider of bank IT solutions in the market. Considering the continuous growth of bank IT investment, the company is also continuously expanding downstream customers and continuously optimizing its revenue structure. We expect the company's operating income in 2023/2024/2025 to be 42.91/50.46/5.985 billion yuan, net profit of 3.48/4.41/563 billion yuan respectively, EPS of 0.79/1.00/1.28 yuan, and corresponding PE of 22/18/14 times, respectively, giving it an “increase in holdings” rating.
[Risk Reminder]
Bank IT investment falls short of expectations;
The promotion of innovation fell short of expectations;
Competition in the industry has intensified.
