毛利率持续提升，现金流有所改善。公司前三季度毛利率为47.93%，同比变动+4.27pcts；Q3 单季毛利率为45.06%，同比变动+4.83pcts，毛利率持续提升。前三季度销售、管理、研发费用率分别为12.06%、27.34%、13.29%，同比变动+1.27pcts、-0.03pcts、-0.89pcts，费用率基本维持稳定。前三季度经营活动现金流量净额为-1.22 亿元，去年同期为-2.61 亿元，主要系随着公司产品云化的逐步推进，硬件采购业务较上年同期有所减少所致。Key points of investment
Incidents: The first three quarters of 2023 achieved revenue of 1,858 billion yuan, a year-on-year decrease of 3.13%; net profit of 0.14 billion yuan, an increase of 27.05% over the previous year; net profit after deducting non-net profit of 0.5 billion yuan, a loss of 121 million yuan in the same period last year.
Q3 Revenue increased steadily in a single quarter, and profits and losses were drastically reduced. The company's Q3 quarterly operating income was 658 million yuan, up 2.44% year on year; net profit loss of $08 billion, loss of $23 million for the same period last year; net profit loss of $12 million; loss of $125 million for the same period last year. Profits reduced losses were drastically reduced, mainly due to Q3 revenue growth and cost rigidity. The improvement in deducted non-profit in the first three quarters was significantly higher than net profit, mainly because the disposal of Kalibri Labs, LLC shares in the same period last year obtained investment income of 35 million yuan, resulting in a high net profit base for the same period last year.
Gross margin continued to rise, and cash flow improved. The company's gross margin for the first three quarters was 47.93%, a year-on-year change of +4.27pcts; Q3 single-quarter gross margin was 45.06%, a year-on-year change of +4.83pcts, and gross margin continued to increase. The sales, management, and R&D expenses for the first three quarters were 12.06%, 27.34%, and 13.29%, respectively, with year-on-year changes of +1.27pcts, -0.03pcts, and -0.89pcts, and the cost rate remained stable. The net cash flow from operating activities in the first three quarters was -122 million yuan, compared to -261 million yuan in the same period last year. This was mainly due to a decrease in hardware procurement business compared to the same period last year due to the gradual advancement of the company's products in the cloud.
Continue to promote internationalization and platform-based development strategies. The company has been deeply involved in the Chinese hotel information system industry for many years. The total number of domestic hotel customers exceeds 13,000, and the share of independent hotel software in the Chinese five-star hotel market exceeds 60%. At the same time, the company's core products have begun to be recognized by the world's most influential international hotel groups, and there are already about 80,000 overseas hotel stores using the company's products. The company's cloud catering system, Infrasys Cloud, has become the only cloud catering management system that has signed contracts with all of the top five globally influential international hotel groups. The Shiji Enterprise Platform has also continued to expand and launch in Peninsula, Intercontinental and Langham Hospitality Group, which has already signed benchmark customers, and the company's product technology leadership continues to be consolidated.
Profit forecast and investment recommendations: Net profit from 2023-2025 is expected to be 0.30/1.54/317 million yuan, maintaining the “increased holdings” rating.
Risk warning: Consumption recovery in the hotel industry falls short of anticipated risks; international business expansion falls short of anticipated risks; and the new product development process falls short of anticipated risks.
