季度业绩增长亮眼，拐点向上

Investment Rating - The investment rating for the company is "Buy" with a current price of 30.71 CNY and a target value of 46.49 CNY [3]. Core Insights - The company reported a significant improvement in Q4 2023, achieving a revenue of 400 million CNY, a year-on-year increase of 10.8%, and a net profit of 70 million CNY, up 35.7% year-on-year. This marks a turning point in performance improvement [1]. - For the full year 2023, the company achieved a total revenue of 1.53 billion CNY, a growth of 3.5%, and a net profit of 370 million CNY, reflecting a 31.7% increase year-on-year [1]. - The company expects net profit growth of over 25% in 2024, with a proposed cash dividend of 10 CNY per 10 shares, resulting in a payout ratio of 83% [36]. Financial Summary - In 2023, the company's revenue from China Manufacturing Network was 1.25 billion CNY, a growth of 3.4%, with active users increasing by 48% and business opportunities rising by 32% [18]. - The company forecasts revenues of 1.8 billion CNY, 2.08 billion CNY, and 2.4 billion CNY for 2024, 2025, and 2026 respectively, with growth rates of 17.9%, 15.3%, and 15.3% [19]. - The projected net profit for 2024, 2025, and 2026 is 490 million CNY, 600 million CNY, and 736 million CNY, with growth rates of 29.2%, 22.6%, and 22.7% respectively [22].