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財年初步收入持平，盈利略有增長
Key Takeaways
關鍵要點
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.
初步收入爲8.37億至8.79億元人民幣；年度收益率爲7.47億至7.67億元人民幣；HCM收入爲6.15億至6.59億元人民幣，均與MSE持平
在我們看來，訂閱收入留存率爲105-107％，這是一個不錯的水平
調整後的毛利爲人民幣5.29億至5.73億元，這意味着中點的GPM爲64.2％，同比增長約6個百分點。
由於強有力的成本控制，非公認會計准則淨虧損爲人民幣8500萬至1.2億元人民幣，低於MSE的1.49億元人民幣虧損。
我們對穩健的收益保持不變。