Focus Tech.(002315)2024-02-24 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [15]. Core Insights - The company's performance in 2023 met expectations, with revenue of 1.527 billion yuan, a year-on-year increase of 3.5%, and a net profit attributable to the parent company of 379 million yuan, up 26.1% year-on-year [15]. - The AI business revenue was disclosed for the first time, showing promising results with 6.32 million yuan in revenue, primarily contributing in the second half of 2023 [4][5]. - The company has set an optimistic performance guidance for 2024, targeting a net profit growth of over 25% year-on-year [5]. Financial Summary - Total revenue for 2023 was 1,527 million yuan, with a year-on-year growth rate of 3.5% [18]. - The net profit attributable to the parent company for 2023 was 379 million yuan, reflecting a year-on-year increase of 26.1% [18]. - The company plans to distribute cash dividends of 315 million yuan, which represents 83.1% of the net profit attributable to the parent company, resulting in a dividend yield of 3.1% based on the closing price on February 23, 2024 [16]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 1.773 billion yuan, 2.136 billion yuan, and 2.459 billion yuan, respectively [18]. - The net profit attributable to the parent company is expected to reach 477 million yuan in 2024, 581 million yuan in 2025, and 695 million yuan in 2026 [18]. - The company anticipates a significant acceleration in AI business revenue growth in 2024, supported by an increase in paid memberships for its AI assistant [4][5].