地域拓展成效显著，文娱板块逐渐发力

Investment Rating - The report maintains a "Buy" rating for the company [3][19]. Core Insights - The company achieved a revenue of 610 million yuan in 2023, representing a year-on-year increase of 95.39%, and a net profit attributable to shareholders of 80.54 million yuan, marking a turnaround from losses [17][22]. - The company is actively expanding its market presence, particularly in the East China region and new markets such as Shenzhen, Chongqing, and Qingdao, while also focusing on immersive experience projects in various applications [8][11]. - The acquisition of Holovis, a leading VR/AR design firm, is expected to enhance the company's growth prospects by improving its competitive edge in the cultural and entertainment sectors [8][23]. Financial Summary - The company's earnings per share (EPS) for 2024-2026 are projected to be 1.28, 1.59, and 1.92 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 27.8, 22.4, and 18.5 times [3][19]. - The overall gross margin for 2023 was 29.82%, a decrease of approximately 4.5 percentage points from 2022, primarily due to lower margins in newly expanded regions [18][28]. - The company reported a significant increase in operating income, with a growth rate of 95.4% in 2023, and is expected to maintain a growth rate of 61.5% in 2024 [20].