Beisen Holding (09669.HK) | Preliminary FY24 top line in-line with slight profit beat
Beisen Holding (09669.HK) | Preliminary FY24 top line in-line with slight profit beat
北森控股 (09669.HK) | 24财年初步收入持平，盈利略有增长
Key Takeaways
关键要点
Preliminary revenue of Rmb837mn-879mn; ARR of Rmb747mn-767mn; HCM revenue of Rmb615mn-659mn, all in-line with MSe
Subscription revenue retention rate came in at 105-107%, a decent level, in our view
Adjusted gross profit of Rmb529mn-573mn, implying GPM of 64.2% at the mid point, ~6ppt YoY improvement.
Non-GAAP net loss of Rmb85mn-120mn, narrower than MSe of Rmb149mn loss, thanks to strong cost control.
We stay OW on the solid earnings.
初步收入为8.37亿至8.79亿元人民币；年度收益率为7.47亿至7.67亿元人民币；HCM收入为6.15亿至6.59亿元人民币，均与MSE持平
在我们看来，订阅收入留存率为105-107％，这是一个不错的水平
调整后的毛利为人民币5.29亿至5.73亿元，这意味着中点的GPM为64.2％，同比增长约6个百分点。
由于强有力的成本控制，非公认会计准则净亏损为人民币8500万至1.2亿元人民币，低于MSE的1.49亿元人民币亏损。
我们对稳健的收益保持不变。