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Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company's core business segments are showing steady growth, with traditional fire alarm systems and emergency lighting systems contributing significantly to revenue [2] - The company has successfully expanded into emerging fields, with innovative products continuously being developed [6] - The overseas market has seen rapid growth, with revenue from international operations increasing by 30.15% year-on-year [19] - The company is expected to benefit from ongoing growth in its core fire safety business and emerging sectors, with projected revenues for 2024-2026 showing a positive trend [20] Financial Performance - In 2023, the company achieved total revenue of 4.972 billion yuan, a year-on-year increase of 8.02%, and a net profit of 659 million yuan, up 15.67% from the previous year [5] - The company's revenue growth rates for the first three quarters of 2023 were 11.38%, 9.23%, and 2.57%, respectively, indicating stable performance [2] - The company’s earnings per share (EPS) for 2023 was 0.87 yuan, with projections of 1.00 yuan for 2024 [9] Business Segments - The traditional fire alarm segment generated revenue of 2.313 billion yuan in 2023, with a gross margin of 42.77% [2] - The emergency lighting and intelligent evacuation systems segment achieved revenue of 1.112 billion yuan, reflecting a growth of 7.27% year-on-year [2] - The company has made significant strides in the energy storage fire safety projects, with a shipment value exceeding 85 million yuan, marking a growth of over 110% [6]