智算中心建设快速落地、训推一体机收获规模订单。据公司公告，2023 年智算中心建设相关收入1.2 亿元，客户主要包括金融、政务、科研院所等。此外，公司将自有软件平台与硬件合作伙伴的产品进行融合封装，推出新致训推一体机，结合此前昇腾发布会，我们推测公司后续一体机以国产昇腾方案为主，截至年报出具日，算力中心及一体机在手待实施订单约1.6 亿元。Key points of investment:
The company released its 2023 annual report and 24Q1 performance report. According to the announcement, the company achieved revenue of 1,683 billion yuan (yoy +27.92%) in 23, achieving net profit of 68.62 million yuan (year-on-year loss), including the impact of 33.27 million yuan in interest on convertible bonds; the company achieved revenue of 433 million yuan (yoy +36.76%) in 24Q1, achieving net profit of 15.12 million yuan (yoy +107.78%). Overall performance was in line with expectations.
In '23, the AI big model earned about 70 million, and there was a high increase in on-hand orders. According to the company's announcement, the company's channel marketing, data products, compliance risk control, etc. have developed steadily, and various products have completed AI module upgrades and achieved revenue related to AI models of about 70 million in 2023. As of the date of publication of the report, the company had ongoing software business orders of 1,417 billion yuan, an increase of nearly 30% over the same period last year, including 130 million yuan for AI models.
The intelligent computing center was built quickly, and the training and promotion of all-in-one computers received large-scale orders. According to the company's announcement, revenue related to the construction of the intelligent computing center in 2023 is 120 million yuan. Customers mainly include finance, government affairs, research institutes, etc. In addition, the company integrated and packaged its own software platform with hardware partner products, and launched a new training and promotion of all-in-one computers. In conjunction with the previous Shengteng press conference, we speculate that the company's subsequent all-in-one computers will be mainly domestic Shengteng solutions. As of the date of publication of the annual report, the Computing Power Center and all-in-one computers are awaiting implementation orders of about 160 million yuan.
The actual demand in the insurance industry is strong, and the ability to pay is guaranteed. According to the company's announcement, the company's insurance industry achieved revenue of 570 million yuan in '23, yoy +34%. Customers in the insurance industry are highly sticky, and growth mainly benefits from core incremental requirements such as AIGC platform construction and IFRS17 system construction.
The quality of operations has improved markedly. According to the company's announcement, the net operating cash flow in '23 was 85.94 million yuan (-128 million in '22), mainly due to improvements in accounts receivable, and the quality of operations was effectively improved.
Maintain a “buy” rating. Maintain the 24-25 profit forecast and add the 26-year profit forecast. Revenue of 21.7, 29.1, and 3.90 billion yuan is expected in 2024-2026, and net profit of 2.0, 2.8, and 380 million yuan is expected to be realized. Due to the smooth expansion of the company's AI products, it has completed the adaptation and promotion of various large-scale models, which will drive the company to achieve rapid growth in performance, be optimistic about the important changes brought about by the company's large-scale revenue from AI applications, and maintain a “buy” rating.
Risk warning: AI product promotion falls short of expectations; downstream prosperity falls short of expectations, putting pressure on performance.