Jiuyuan Yinhai(002777) 中泰证券·2024-07-18 01:00Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the stock price compared to the benchmark index over the next 6 to 12 months [4]. Core Views - The company is experiencing short-term pressure on performance, with stable order growth. The revenue recognition is affected by macroeconomic factors, leading to a year-on-year decline in revenue. However, the company has a sufficient backlog of orders and is expected to achieve its annual operational goals [9][10]. - The company anticipates a revenue of 3.63 billion yuan to 4.15 billion yuan for the first half of 2024, representing a year-on-year decline of 20% to 30%. The net profit is expected to be between 85.136 million yuan and 127.703 million yuan, reflecting a decrease of 85% to 95% [10]. Summary by Sections Financial Performance - Revenue (in million yuan): - 2022A: 1,283 - 2023A: 1,347 - 2024E: 1,554 - 2025E: 1,778 - 2026E: 2,048 - Year-on-year growth rates: - 2023A: 5% - 2024E: 15% - 2025E: 14% - 2026E: 15% [10]. Profitability Metrics - Net Profit (in million yuan): - 2022A: 184 - 2023A: 168 - 2024E: 200 - 2025E: 230 - 2026E: 272 - Year-on-year growth rates: - 2023A: -9% - 2024E: 19% - 2025E: 15% - 2026E: 18% [10]. Valuation Ratios - P/E Ratios: - 2023: 30.5 - 2024E: 28.1 - 2025E: 24.4 - 2026E: 20.7 - P/B Ratios: - 2023: 3.6 - 2024E: 3.1 - 2025E: 2.9 - 2026E: 2.6 [10]. Business Development - The company is accelerating its data element business layout, with successful project implementations. The new business model is expected to open new growth opportunities. The company has launched new products in the healthcare sector, enhancing its service capabilities [10].