Investment Rating - The investment rating for the company is "Buy" (maintained) [1][14]. Core Views - The company is expected to benefit from the domestic substitution trend in ERP software, with continuous improvement in product competitiveness and industry customer coverage. The cloud business is experiencing high growth, and the improvement in profitability is likely to drive a rapid increase in overall net profit, maintaining the "Buy" rating [5][32]. Financial Summary - The company achieved a revenue of 82.94 billion yuan in 2023, representing a year-on-year growth of 19.1%. The net profit attributable to shareholders was 2.02 billion yuan, with a year-on-year increase of 69.9%, which is in line with previous expectations [27]. - The company has adjusted its net profit forecasts for 2024 and 2025 to 3.21 billion yuan and 4.81 billion yuan, respectively, down from previous estimates of 4.21 billion yuan and 7.76 billion yuan. A new forecast for 2026 net profit is set at 6.78 billion yuan, with corresponding year-on-year growth rates of 59.3%, 49.7%, and 40.9% [5][12]. - The company's cloud business generated revenue of 2 billion yuan in 2023, with a year-on-year growth of 59%, significantly outpacing the overall revenue growth of 19.1% [34]. Valuation Metrics - The latest stock price is 3.26 HKD, corresponding to price-to-earnings (P/E) ratios of 9.6, 6.4, and 4.5 for the years 2024, 2025, and 2026, respectively [5][31]. - The company's gross profit margin is projected to improve from 20.7% in 2022 to 27.2% by 2026, while the net profit margin is expected to increase from 1.7% to 4.7% over the same period [12].
港股公司信息更新报告：公司有望迎来市场位势上移、净利润持续放量趋势