（1）公司发布2023 年年报，全年实现营业收入91.95 亿元，同比下滑13.27%；实现归母净利润3.75 亿元，同比下滑0.28%；实现扣非归母净利润3.42 亿元，同比增长3.06%。公司收入结构改善，分产品看，云与数据业务实现收入10.44亿元，同比增长37.12%；自主软件实现收入20.60 亿元，同比增长13.06%；数字基础设施实现收入18.46 亿元，同比增长25.70%；行业解决方案实现收入40.92亿元，同比下降36.02%。（2）公司毛利率为23.48%，同比增加3.32 个百分点。Optimistic about the company's leading position in the digital economy and innovation, and maintaining a “buy” rating
According to a report on the official account of Taiji Co., Ltd., the “Autonomous Controllable Zero-Trust Edge Computing All-in-One Computer for Intelligent Analysis and Decision Making at New Energy Stations” based on Shenwei's autonomous controllable chip won the Netcom Independent Innovation Recommended Solution Award, which was innovatively developed by the company and the Huadian Academy of Electrical Sciences. Considering the impact of government financial constraints, we lowered the company's 2024-2025 net profit forecast to 4.52 and 5.74 (previous values were 6.10 million yuan and 763 million yuan), and added the 2026 forecast to 733 million yuan. The current stock price corresponds to 2024-2026 PE 32.5, 25.6, and 20.0 times, respectively. Considering the company's leading position in the digital economy and innovation sector, we maintained a “buy” rating.
Business structure improvement, management quality improvement
(1) The company released its 2023 annual report, achieving full year operating income of 9.195 billion yuan, a year-on-year decrease of 13.27%; realized net profit of 375 million yuan, a year-on-year decrease of 0.28%; and realized net profit withheld from non-mother of 342 million yuan, an increase of 3.06% over the previous year. The company's revenue structure improved. By product, the cloud and data business achieved revenue of 1,044 billion yuan, an increase of 37.12%; autonomous software achieved revenue of 2,060 billion yuan, an increase of 13.06%; digital infrastructure achieved revenue of 1,846 billion yuan, an increase of 25.70%; and industry solutions achieved revenue of 4,092 billion yuan, a year-on-year decrease of 36.02%. (2) The company's gross margin was 23.48%, an increase of 3.32 percentage points over the previous year.
Seize the development opportunities of data elements and focus on developing cloud and data services according to the company's 2024 business plan, and will seize the development opportunities of emerging industries such as data elements to accelerate business transformation, upgrading and high-quality development. On the one hand, focus on core applications, promote the digitalization of key industries, actively promote the digitization of key industries such as transportation and energy, create core digital solutions, and explore new opportunities for the “data element ×” industry. On the other hand, we specialize in cloud and data services in important fields, (1) build data infrastructure, lay out “digital platforms”, carry out core technology research in the field of data circulation, develop reliable data space technology solutions, and lay out basic platform resources for data circulation. (2) Expand key areas and industry-specific clouds, integrate resources, reshape the “Taiji Cloud”, and continuously enhance operational service capabilities. (3) Cultivate data business, clarify data industry development strategies, and innovate in data resource use, data product development, digital-reality integration applications, and data operation services around “data resource factorization” and “data element marketization”.
Risk warning: reduction in government spending; risk of impairment of goodwill.
