Investment Rating - Buy (Maintained) [1] Core Views - The company achieved breakthroughs in new customers and new businesses, with significant improvement in cash flow [1] - Revenue growth remained stable and rapid, with the oil and petrochemical industry continuing to consolidate its dominant position [1] - Strategic customer business continued to advance, with breakthroughs in both existing and new customers [1] - Treasury business demand remained strong, and the pilot program for domestic substitution of IT systems (Xinchuang) was actively promoted [1] - Effective control of period expenses and significant improvement in cash flow performance [1] Financial Performance Summary Revenue and Profit - 2024H1 revenue: CNY 192 million, up 25.93% YoY [1] - 2024H1 net profit attributable to shareholders: CNY 13.39 million, turning from loss to profit [1] - 2024H1 non-GAAP net profit: CNY 7.9 million, turning from loss to profit [1] - Revenue from the oil and petrochemical industry in 2024H1: CNY 93.99 million, up 39.09% YoY [1] Financial Forecasts - 2024E revenue: CNY 902 million, up 20.4% YoY [1] - 2025E revenue: CNY 1,096 million, up 21.4% YoY [1] - 2026E revenue: CNY 1,307 million, up 19.3% YoY [1] - 2024E net profit attributable to shareholders: CNY 170 million, up 174.0% YoY [1] - 2025E net profit attributable to shareholders: CNY 202 million, up 18.9% YoY [1] - 2026E net profit attributable to shareholders: CNY 246 million, up 21.6% YoY [1] Key Financial Ratios - 2024E P/E: 19x [1] - 2025E P/E: 16x [1] - 2026E P/E: 13x [1] - 2024E ROE: 11.8% [1] - 2025E ROE: 12.7% [1] - 2026E ROE: 13.8% [1] Business Highlights New and Existing Customers - Successfully expanded service scope in treasury construction and financial sharing for a large energy group [1] - Won a financial sharing service construction project for a new central enterprise customer [1] Treasury Business - Revenue from treasury business in 2024H1: CNY 47.16 million, up 66.97% YoY [1] - Actively tracked overseas treasury center projects for central enterprise customers [1] Xinchuang (Domestic IT Substitution) - Focused on energy and financial insurance industries for Xinchuang pilot projects [1] - Progressed smoothly in major energy group's Xinchuang substitution projects, expected to complete main construction tasks within the year [1] Cash Flow and Expense Management - 2024H1 operating cash flow: CNY 80.34 million, significantly improved compared to the same period last year [1] - 2024H1 sales expenses: CNY 13.86 million, down 36.70% YoY [1] - 2024H1 management expenses: CNY 41.89 million, down 16.13% YoY [1] - 2024H1 R&D expenses: CNY 27.08 million, down 55.41% YoY [1]
普联软件：新客户、新业务实现突破，现金流改善明显