拥抱AI大时代，助力公司稳健成长

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Insights - The company reported a revenue of 476.3 billion yuan for 2023, a year-on-year decline of 6.94%, while the net profit attributable to shareholders was 21.04 billion yuan, an increase of 4.82% year-on-year [5][6]. - In Q4 alone, the company achieved a revenue of 147.52 billion yuan, down 2.15% year-on-year, with a net profit of 7.56 billion yuan, a decrease of 8.72% year-on-year [5][6]. - The company is focusing on the AI industry, with significant growth expected in GPU modules and AI server revenues, projected to exceed 40% growth [6]. Financial Performance Summary - For 2023, the communication and mobile network equipment business generated revenue of 278.98 billion yuan, down 5.81%, with a gross margin of 9.80% [5]. - The cloud computing business reported revenue of 194.31 billion yuan, down 8.54%, with a gross margin of 5.08% [5]. - The industrial internet business saw revenue of 1.65 billion yuan, down 13.89%, with a gross margin of 49.81% [5]. - The company anticipates net profits of 24.48 billion yuan, 27.48 billion yuan, and 30.16 billion yuan for 2024, 2025, and 2026 respectively [6].