迈信林：业绩快速增长，股权变更开启转型之路

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 39.73 yuan [2] Core Views - The company is experiencing rapid growth in both revenue and net profit, with a significant transformation underway through equity changes [2][3] - The company is actively expanding into the domestic computing power sector, with its subsidiary Suzhou Ruiying Intelligent Computing Technology Co Ltd obtaining a value-added telecommunications business license and purchasing 62 domestic computing power GPU servers [3] - The company has implemented a restricted stock incentive plan to motivate employees, with performance targets set for revenue and net profit growth [4] Financial Performance and Projections - Revenue for 2023A was 293.67 million yuan, projected to grow to 440.50 million yuan in 2024E, 638.72 million yuan in 2025E, and 926.15 million yuan in 2026E [1][7] - Net profit attributable to the parent company was 15.25 million yuan in 2023A, expected to increase to 53.15 million yuan in 2024E, 76.34 million yuan in 2025E, and 103.28 million yuan in 2026E [6][7] - The company's revenue growth rate is projected to be 50% in 2024E, 45% in 2025E, and 45% in 2026E [6][7] Equity and Valuation Metrics - The company's total market capitalization is 5.778 billion yuan, with a total share capital of 145 million shares [3] - The company's PE ratio is expected to decrease from 379 in 2023A to 109 in 2024E, 76 in 2025E, and 56 in 2026E [6][8] - The company's PB ratio is projected to decline from 8.22 in 2023A to 7.83 in 2024E, 7.47 in 2025E, and 7.07 in 2026E [8] Operational Highlights - The company's subsidiary, Suzhou Ruiying Intelligent Computing Technology Co Ltd, has signed computing power leasing service contracts with Beijing Urban Construction Intelligent Control Technology Co Ltd and Suzhou Ruixin Intelligent Technology Co Ltd [3] - The company's equity changes involve the transfer of 5% of shares to Mr Bai Bing and Mr Xu Yinghui, who will contribute to the company's transformation in the computing power sector [4] Financial Ratios and Indicators - The company's gross margin is expected to increase from 28.55% in 2023A to 32.00% in 2024E, 33.00% in 2025E, and 33.00% in 2026E [7] - The company's net margin is projected to rise from 5.54% in 2023A to 12.29% in 2024E, 12.11% in 2025E, and 11.26% in 2026E [7] - The company's ROE is expected to increase from 2.32% in 2023A to 7.33% in 2024E, 10.00% in 2025E, and 12.75% in 2026E [7]