20240412-开源证券-京北方-002987.SZ-公司信息更新报告_扣非利润高增长_持续发力第二增长曲线_4页_713kb

中文总结

京北方（002987SZ）是一家专注于银行IT领域的软件开发公司，近期发布的2023年年度报告显示，公司业绩表现亮眼。2023年实现营业收入4242亿元，同比增长177%；归母净利润348亿元，同比增长高达325%。在高毛利业务的驱动下，公司综合毛利率提升至23.32%。此外，公司积极拓展中小银行与非银业务，客户战略逐步验证。

分析师陈宝健与闫宁维持“买入”评级，并预测2024至2026年公司净利润将持续增长，预计2024年EPS达100元，2026年PE仅为92倍。公司正持续推进从IT服务向产品和解决方案转型，软件业务收入增长显著。

尽管公司发展势头良好，但仍需关注政策推进和银行IT投入不及预期等风险。

English Summary (中文翻译)：

BOC International (002987SZ) is a software development company specializing in the banking sector. Its latest 2023 annual report shows a strong performance with a revenue of CNY 42.42 billion (up 155% YoY) and a net profit attributable to shareholders of CNY 34.8 billion (up 254% YoY). The company has improved its gross margin to 23.32% by focusing on high-margin businesses. Additionally, BOC International is expanding its services to small and medium-sized banks and non-bank institutions, with significant growth in this segment.

Analysts Chen Baojian and Yan Ning maintain their "Buy" rating. They forecast continued growth in net profit from 2024 to 2026, with an EPS of CNY 100 by 2024 and a PE of 92 times by 2026. The company is also actively transitioning from IT services to product and solution-based business, driving future growth through software products and solutions.

Key risks include slower-than-expected policy implementation, reduced IT spending by banks, and delays in order fulfillment.