分业务而言：1）公司信息技术服务营收为27.9 亿元，同比增长20.2%，占公司营收比重达65.8%、同比提升2.6pct，业务结构的优化使得2023 年公司毛利率达23.4%，同比提升0.9%。公司围绕软件产品及解决方案打造第二增长曲线，也持续打磨面向全行业的通用型软件产品解决方案、积极部署第三增长曲线。2023年公司软件产品及解决方案产品线实现营收9.4 亿元，同比增长24.5%，增速位居所有产品线首位。此外，公司重点发力的中小银行和非银金融机构市场实现了较快发展，2023 年中小银行和非银金融机构营收分别为3.8 亿元、3.0 亿元，分别同比增长27.4%、24.5%。2）公司业务流程外包营收为14.5 亿元，yoy+7.4%，主要系客户服务及数字化营销业务线增长放缓。Brief performance review
On April 12, 2024, the company released its 2023 annual report. The company achieved revenue of 4.24 billion yuan for the full year of 2023, an increase of 15.5% over the previous year; net profit after deduction was 330 million yuan, an increase of 30.4% over the previous year. The company achieved revenue of 1.12 billion yuan in Q4 in 2023, an increase of 15.8% over the previous year; net profit after deduction was 90 million yuan, an increase of 17.8% over the previous year.
Management analysis
By business: 1) The company's IT service revenue was 2.79 billion yuan, up 20.2% year on year, accounting for 65.8% of the company's revenue, up 2.6 pct year on year. The optimization of the business structure made the company's gross margin reach 23.4% in 2023, an increase of 0.9% year on year. The company is building a second growth curve around software products and solutions. It also continues to refine general-purpose software product solutions for the entire industry and actively deploy the third growth curve. In 2023, the company's software products and solutions product line achieved revenue of 940 million yuan, an increase of 24.5% over the previous year, ranking first among all product lines. In addition, the small and medium banks and non-bank financial institution markets that the company is focusing on have achieved rapid development. In 2023, the revenue of small and medium-sized banks and non-bank financial institutions was 380 million yuan and 30 billion yuan respectively, up 27.4% and 24.5% year-on-year respectively. 2) The company's business process outsourcing revenue was 1.45 billion yuan, yoy +7.4%, mainly due to a slowdown in customer service and digital marketing business line growth.
The company's lean operation enabled per capita revenue to reach 139,000 yuan in 2023, a record high; among them, IT personnel increased 13.4% year on year, lower than the business revenue growth rate, and business process outsourcing personnel increased 10.8% year on year, higher than the sector's revenue growth rate. However, due to the increase in the balance of accounts receivable due to the increase in the balance of accounts receivable due to delays in the acceptance process of some projects, 285 million yuan of revenue for the year was not repaid, causing credit impairment losses of 23 million yuan in 2023, which had a certain impact on net profit.
Profit Forecasts, Valuations, and Ratings
Based on the company's 2023 annual report and expectations for steady growth in the industry, we expect the company's revenue from 2024 to 2026 to be 47.7/53.8/6.09 billion yuan, up 12.5%/12.8%/13.2% year on year; net profit to mother will be 4.4/5.3/650 million yuan, up 27.2%/19.3%/22.8% year on year, corresponding to 14.5/12.1/9.9 times PE, respectively, to maintain the “buy” rating.
Risk warning
Banks' IT investment falls short of expectations; industry competition increases risks; capital raising falls short of expectations; executives and major shareholders risk reducing their holdings.
