Guojin ** shares *** Meng Can and Chen Yijiao recently conducted research on SIE information and released a research report "Performance meets expectations, the bottom of the valuation is waiting for pro-cyclical", this report gives ** rating to SIE information, and the current stock price is 16$0.
SIE Information (300687).
Brief evaluation of performance. Revenue & Profit - Revenue profit is in line with expectations. As a leader in ERP information innovation and factory-end intelligent manufacturing, the company has certain pro-cyclical attributes. In 2023, the national industrial enterprises above designated size will achieve an operating income of 13344 trillion yuan, an increase of 1 over the previous year1%；The total profit was 76,858300 million yuan, down 2 percent from the previous year3%。As a core participant in discrete industrial intelligent manufacturing, the company has achieved high returns. Revenue: For the full year of 2023, it is expected to achieve operating income of 238~26.100 million yuan, yoy+50%~15.0% (median yoy+10.)0%）。In 2023Q4, it is expected to achieve operating income of 70~9.300 million yuan, yoy+160%~53.5% (median yoy+34.)8%）。Net profit attributable to the parent company: It is expected to achieve a net profit attributable to the parent company of 2 in 20236~3.0 billion yuan, yoy + 42%~20.3% (median yoy+12.)3%）。In 2023Q4, it is expected to achieve a net profit attributable to the parent company of 13~1.700 million yuan, yoy+359%~77.2% (median yoy+56.)6%）；Net profit deducted from non-attributable to the parent company: In 2023, it is expected to achieve a non-net profit attributable to the parent company of 23~2.700 million yuan, yoy+06%~18.4% (median yoy+9.)5%）。In 2023Q4, the net profit of non-attributable to the parent company was 12~1.600 million yuan, yoy+365%~83.2%。The impact of non-recurring gains and losses on net profit is expected to be $33.97 million.
24 years of business highlights - central state-owned enterprise information innovation, AIB end application landing, market pattern clearing acceleration. Huawei's core chain target benefits from the METAERP promotion opportunity, and is expected to enter the central state-owned enterprise customers and open up the mid-to-high-end market. The AIGC manufacturing model was launched as an important scenario for the implementation of the B-end of AI applications, reducing costs and increasing efficiency internally and improving product competitiveness externally. The market clearance is expected to accelerate the company's initiative during the downturn in prosperity in recent years, which is conducive to the optimization of the market clearance driving pattern.
The pessimism may have been released, and valuations are at historic lows in three years. The company's 20-year average of 27XPE; 21-year average of 35xpe; 22-year average of 41XPE; The company's recent lowest valuation is at a three-year all-time low. It is expected that the downstream boom is expected to be repaired upward, the domestic ERP information innovation will continue to progress, and the AI industrial application end is expected to gradually enter the cashing period.
Earnings**, valuations and ratings.
We adjust the company's 23-25 annual operating income of 2499/31.32/37.7 billion yuan, and the net profit attributable to the parent company was 278/3.59/4.4.5 billion yuan, EPS was 068/0.88/1.08 yuan. The company's ** current price corresponds to a PE valuation of 238/18.5/14.9 times, maintaining the "** rating."
Risk Warning. fluctuation risk of IT spending on core customers; the risk that the recovery of downstream industries and customer prosperity is less than expected; the risk of increased competition in the industry; The risk that the convertible bond conversion price is higher than the market price and cannot be converted into equity.
*According to the calculation of the research report data released in the past three years, the research team of Wang Zhihao of CICC has conducted in-depth research on the stock, and the average accuracy of the stock in the past three years is as high as 8997%, and its **2023 attributable net profit is 27.8 billion, and the **PE converted according to the current price is 2333。
The latest profit** breakdown is as follows:
A total of 7 institutions have rated the stock in the last 90 days, **7 ratings; The average institutional price target over the last 90 days is 2732。
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