Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved total revenue of 5.679 billion RMB in 2023, a year-on-year increase of 16.7%. Traditional ERP business revenue grew by 2% to 1.174 billion RMB, while cloud service revenue reached 4.505 billion RMB, up 21% year-on-year, accounting for 79.3% of total revenue [2] - The gross profit was 3.644 billion RMB, with a gross margin of 64.2%, an increase of 2.6 percentage points year-on-year, primarily due to the higher proportion of cloud service revenue and reduced cloud infrastructure costs [2] - The company reported a net loss attributable to shareholders of 210 million RMB, narrowing by 46.1% year-on-year [2] - The cloud subscription service model continues to advance, with annual recurring revenue (ARR) from cloud subscriptions increasing by 33.1% to 2.86 billion RMB [2] - The company signed contracts worth 1.4 billion RMB with large enterprises, achieving revenue of 981 million RMB, a 40.9% increase year-on-year [2] - The company plans to expand its international business in regions such as Vietnam, Singapore, and Southeast Asia [2] Summary by Sections Financial Performance - Total revenue for 2023 was 5.679 billion RMB, with a growth rate of 16.7% [3] - The company expects revenue of 6.593 billion RMB in 2024, with a growth rate of 16.1% [3] - GAAP net profit is projected to improve to -89 million RMB in 2024, with a forecasted recovery to 198 million RMB in 2025 [3] Market Position - The company has signed contracts with 1,458 large clients in 2023, including notable names like China National Chemical Corporation and Dongfeng Motor [2] - The company maintains a leading position in the medium-sized market, serving 43% of national-level specialized small giant enterprises [2] Strategic Initiatives - The company's future strategy focuses on a subscription-first and AI-first approach, with plans to launch 10 new AI-related application scenarios in 2024 [2] - The company has introduced an enterprise-level large model capability platform, integrating with major AI models from Baidu and Microsoft [2]
2023年度业绩点评：保持订阅+AI优先战略，加速出海业务布局