需求疲弱影响业绩，运营模式探索具备空间

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 29.05 CNY based on a 35 times price-to-earnings ratio for 2024 [23][24]. Core Views - Due to a significant decline in demand, the company has revised its earnings per share forecasts for 2023-2025 to 0.58, 0.83, and 1.07 CNY respectively, down from previous estimates of 2.11 and 2.67 CNY for 2023-2024 [23]. - The company experienced a 13.5% decline in revenue to 2.44 billion CNY, with a net profit attributable to the parent company dropping 66.6% to 191 million CNY [34]. - The company is exploring new operational models, transitioning from project-based revenue to operational revenue in the smart procurement sector, which is expected to provide growth opportunities [34]. Summary by Sections Financial Forecasts - The company’s revenue is projected to decline by 13.5% in 2023, with a recovery expected in subsequent years, showing growth rates of 9.6% in 2024 and 10.3% in 2025 [27]. - The gross profit margin is expected to stabilize around 64.5% by 2025, indicating a focus on maintaining profitability despite revenue challenges [27]. Business Segments - The smart procurement and digital governance sectors account for over 85% of the company's revenue, with potential for growth as the government electronic procurement platform matures [34]. - The company is also focusing on the data element business, which is anticipated to grow following the release of new policies aimed at enhancing the domestic data industry [34]. Market Performance - The stock has shown a relative performance of -54.38% over the past 12 months, indicating significant underperformance compared to the market [24].