公司营收业绩承压，毛利率有所下滑。2023 年，受宏观经济环境变化影响，公司业务开展遇到严峻挑战，一线团队充分发挥自加压力的企业精神，积极推进各项工作开展，缓解了部分不可控因素带来的影响。2023 年公司实现营业收入24.41 亿元，同比下降13.56%；实现归母净利润1.95 亿元，同比下降66%；实现归母扣非净利润0.79 亿元，同比下降80.4%。2023Q4 公司实现营收10.63亿元，同比下降13.28%；实现归母净利润2.84 亿元，同比下降27.96%。2023年公司的盈利能力下滑明显，2023 年毛利率为61.4%，相较于2022 年下降4.6pp。2023Q4 毛利率为59.29%，环比下降5.23pp，同比下降4.59pp。Matters:
On April 12, 2024, the company released its 2023 annual report: operating income of 2,441 billion yuan, a year-on-year decrease of 13.56%; net profit to mother of 195 million yuan, a year-on-year decrease of 66%; and deducted non-net profit of 79 million yuan, a year-on-year decrease of 80.4%.
Commentary:
The company's revenue performance is under pressure, and gross margin has declined. In 2023, due to changes in the macroeconomic environment, the company's business development faced serious challenges. The frontline team gave full play to the entrepreneurial spirit of self-pressure and actively promoted the development of various tasks, mitigating the impact of some uncontrollable factors. In 2023, the company achieved operating income of 2,441 billion yuan, a year-on-year decrease of 13.56%; realized net profit of 195 million yuan, a year-on-year decrease of 66%; and realized deducted non-net profit of 79 million yuan, a year-on-year decrease of 80.4%. 2023Q4 achieved revenue of 1,063 million yuan, a year-on-year decrease of 13.28%; net profit to mother was 284 million yuan, a year-on-year decrease of 27.96%. The company's profitability declined significantly in 2023, with gross margin of 61.4% in 2023, down 4.6pp compared to 2022. 2023Q4 gross margin was 59.29%, down 5.23pp month-on-month and 4.59pp year-on-year.
The revenue of the three major products has declined, and the gross margin of smart government has declined a lot. By product, in 2023, the company's smart government, smart procurement, and digital construction achieved revenue of 1,055 billion yuan, 1,022 million yuan, and 358 million yuan respectively, down 14.49%, 16.38%, and 2.63% year-on-year respectively. The recruitment operation in the smart procurement business achieved revenue of 365 million yuan, a year-on-year decrease of 26.63%. The gross margins of smart government, smart procurement, and digital construction were 53.05%, 66.67%, and 70.97% respectively in 2023, down 7.26pp, 1.61pp, and 6.71pp from 2022, respectively.
The company continuously strengthens capacity building in the middle and back office to improve the efficiency of the company's internal management. The company achieves platform-based and specialized management of R&D, sales, and delivery through standardized, capitalized, and centralized operation models to improve the company's internal management efficiency. In 2023, the company's sales expenses, management expenses, and R&D expenses were 690/1.85/513 million yuan respectively, and the sales expenses rate/ management expense ratio/ R&D expenses ratio were 28.26%/7.59%/21.02%, respectively, maintaining a stable range overall. In terms of sales, the company continues to deepen combat team formation and build an organizational system that meets the requirements of combat team management. In terms of R&D, the company has continuously optimized the microservice architecture of the R&D base, comprehensively improved low-code development and mobile application development capabilities, and built an MLOps enterprise-level artificial intelligence platform and digital twin technology system.
Investment advice: The country's digitization progress continues to accelerate, and we are optimistic about the long-term development trend of the company's three major businesses. We expect the company's revenue for 2024-2026 to be 2,645, 28.55, and 3.084 billion yuan, respectively, and net profit to mother of 3.04, 3.14, and 325 million yuan respectively. Referring to comparable company valuations, considering the company's high R&D investment and continuously optimizing the microservice architecture of the R&D base, the company was given 30 times PE in 2024, corresponding to a target price of 27.6 yuan, to maintain a “recommended” rating.
Risk warning: changes in the macro environment; uncertainty about demand release; increased industry competition.
