INDUSTRIAL SECURITIES·2024-03-12 16:00Investment Rating - The report maintains a "Buy" rating for the company [4][5] Core Insights - The company achieved a revenue of 124.25 billion yuan in 2023, representing a year-on-year growth of 1.05%. The net profit attributable to shareholders was 9.33 billion yuan, with a year-on-year increase of 15.4% [3][4] - The company focuses on operational quality and cost optimization, leading to improved profitability. In Q4 2023, revenue grew by 14.68% year-on-year to 34.857 billion yuan [4] - The company is increasing its investment in "connectivity + computing power + capabilities + intelligence," with R&D expenses rising by 17.07% to 25.29 billion yuan, accounting for 20.4% of revenue [4][5] Financial Performance Summary - Revenue projections for 2024-2026 are 131.81 billion yuan, 139.13 billion yuan, and 145.70 billion yuan, with corresponding year-on-year growth rates of 6.1%, 5.6%, and 4.7% respectively [3][5] - The net profit attributable to shareholders is expected to reach 10.59 billion yuan, 11.95 billion yuan, and 13.38 billion yuan for 2024-2026, with growth rates of 13.6%, 12.8%, and 12.0% respectively [3][5] - The gross profit margin is projected to improve from 41.5% in 2023 to 42.6% by 2026 [3][5] Business Segment Analysis - The operator network business revenue grew by 3.40% year-on-year to 82.759 billion yuan, with a gross margin increase of 2.89 percentage points to 49.11% [4] - The government and enterprise business revenue decreased by 7.14% year-on-year to 13.584 billion yuan, but the gross margin improved by 9.59 percentage points to 34.94% [4] - The consumer business revenue fell by 1.33% year-on-year to 27.908 billion yuan, with a gross margin increase of 4.50 percentage points to 22.26% [4]