SIE(300687) 国金证券·2025-04-25 08:23Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is projected to achieve revenues of 27.42 billion, 32.69 billion, and 39.09 billion RMB for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 2.34 billion, 3.24 billion, and 4.53 billion RMB [4] - The earnings per share (EPS) are expected to be 0.57, 0.79, and 1.11 RMB for the same years [4] - The current stock price corresponds to a price-to-earnings (PE) ratio of 52.3, 37.8, and 27.0 for the years 2025, 2026, and 2027 respectively [4] Revenue and Profit Forecast - The company’s revenue for 2023 is estimated at 2,254 million RMB, with a slight decline of 0.75% compared to the previous year [8] - Revenue growth is expected to recover with rates of 6.27%, 14.47%, 19.23%, and 19.56% for the years 2024 to 2027 [8] - The net profit for 2023 is projected at 254 million RMB, with a significant drop of 45.21% in 2024, followed by a recovery with growth rates of 67.84%, 38.42%, and 39.98% in the subsequent years [8] Financial Metrics - The diluted EPS is forecasted to be 0.620, 0.340, 0.570, 0.789, and 1.105 RMB from 2023 to 2027 [8] - The return on equity (ROE) is expected to improve from 9.58% in 2023 to 13.20% in 2027 [8] - The price-to-book (P/B) ratio is projected to be 3.36, 2.80, 4.12, 3.87, and 3.56 from 2023 to 2027 [8] Market Performance - The company reported a revenue of 23.95 billion RMB for FY24, reflecting a year-on-year growth of 6.27%, slightly below the lower end of the forecast [9] - The fourth quarter of FY24 showed a significant revenue increase of 20.70% year-on-year [9] - The overall gross margin for FY24 was 30.46%, down by 5.1 percentage points year-on-year, attributed to aggressive pricing strategies in a competitive market [9] Order and Client Dynamics - The company experienced a 16.65% year-on-year increase in orders for FY24, with new client contracts accounting for 32% of total orders [9] - Orders from state-owned enterprises surged by over 300% year-on-year, while self-developed software orders grew by 11.3% [9] Cost Management - Operating expenses (OpEx) were tightly controlled, with research and development, sales, and management expense ratios at 11.0%, 6.7%, and 5.5% respectively for FY24 [9] - The increase in management expense ratio was due to optimization of inefficient positions and strengthening of core talent [9] Strategic Initiatives - The company has established international operations in Hong Kong and plans to expand into Japan and Europe by 2025 [9] - Progress in AI and PCB business segments is promising, with a 35% year-on-year increase in orders for FY24 [9] - Ongoing collaboration with Huawei is yielding successful market applications of their industrial data model products [9]