Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [2]. Core Insights - The company reported a total revenue of 2,681 million RMB for 2023, reflecting a year-on-year growth of 30.5%. The net profit attributable to shareholders reached 340 million RMB, up 42.1% year-on-year, with adjusted net profit at 375 million RMB, a 27.6% increase [1][2]. - The company's main business remains robust, with a gross margin improvement of 0.8 percentage points to 72.9% compared to the previous year [1]. - The report highlights the strong performance of the company's various business segments, particularly the Model as a Service (MaaS) and Banking as a Service (BaaS) offerings, which have shown significant growth [1][2]. Summary by Relevant Sections Financial Performance - Total revenue for 2023 was 2,681 million RMB, with a year-on-year increase of 30.5% [2]. - Net profit attributable to shareholders was 340 million RMB, representing a 42.1% increase year-on-year [2]. - Adjusted net profit was 375 million RMB, up 27.6% year-on-year [2]. - The gross margin improved to 72.9%, an increase of 0.8 percentage points from the previous year [1]. Business Segments - Model as a Service (MaaS): Generated revenue of 891 million RMB, a 17.3% increase year-on-year, accounting for 33.2% of total revenue. The core customer retention rate reached a historical high of 99% [1]. - Banking as a Service (BaaS): Revenue was 1,185 million RMB, up 58.8% year-on-year, making up 44.2% of total revenue. The asset transaction scale nearly doubled to 53.13 billion RMB, a 93.3% increase [1]. - Insurance Industry Cloud (BaaS): Revenue reached 605 million RMB, a 10.3% increase year-on-year, accounting for 22.6% of total revenue. New and renewal premium growth rates showed some slowdown but remained strong [1]. Future Outlook - The report anticipates continued growth in the MaaS and BaaS segments, driven by the increasing richness of product offerings and the ongoing development of generative AI applications [2]. - The company is expected to maintain a strong cash flow, allowing for further investment in technology and strategic initiatives [2].
2023年年报业绩点评:AI获客活客效能释放,坚定赋能金融数智化转型