SED(000032) 东吴证券·2024-04-26 12:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2023 revenue reached 56.28 billion yuan, a year-on-year increase of 10%, and it achieved a net profit of 330 million yuan, turning from loss to profit, which aligns with market expectations [2][3] - The operational quality has significantly improved, with the high-tech industry engineering service revenue projected to reach 51.7 billion yuan in 2024, a 13% year-on-year increase, and a gross margin of 10.11% [3] - The company's market share in electronic cloud services continues to rise, with multiple government cloud projects established, supporting the construction of intelligent computing centers [3] - The public data authorization operation is advancing rapidly, with several local governments collaborating on public data resource centers [3] - The earnings per share (EPS) forecast for 2024-2025 has been adjusted to 0.53 yuan and 0.70 yuan, respectively, with a projected EPS of 0.86 yuan for 2026 [3] Financial Performance Summary - Total revenue (in million yuan): - 2022: 51,052 - 2023: 56,284 (10.25% YoY) - 2024E: 59,871 (6.37% YoY) - 2025E: 63,786 (6.54% YoY) - 2026E: 68,100 (6.76% YoY) [2] - Net profit (in million yuan): - 2022: (158.40) - 2023: 329.64 (308.10% YoY) - 2024E: 605.33 (83.63% YoY) - 2025E: 799.45 (32.07% YoY) - 2026E: 983.76 (23.05% YoY) [2] - Latest diluted EPS (in yuan/share): - 2022: (0.14) - 2023: 0.29 - 2024E: 0.53 - 2025E: 0.70 - 2026E: 0.86 [2] - P/E ratio (current price & latest diluted): - 2023: 55.41 - 2024E: 30.17 - 2025E: 22.85 - 2026E: 18.57 [2]