业绩稳健增长，订阅业务占比提升

Investment Rating - The report maintains a "Buy" rating for the company, with an adjustment to profit forecasts for 2024-2026 [4][7]. Core Insights - The company achieved a revenue of 45.56 billion yuan in 2023, representing a year-on-year growth of 17.27%. The net profit attributable to shareholders was 13.18 billion yuan, up 17.92% year-on-year. The net profit excluding non-recurring items was 12.62 billion yuan, showing a significant increase of 34.45% [3][4]. - Subscription business revenue is accelerating, with Q4 2023 revenue reaching 12.86 billion yuan, a year-on-year increase of 17.99%. The net profit attributable to shareholders for Q4 was 4.24 billion yuan, up 39.44% year-on-year [3][4]. - The subscription business now accounts for 79.24% of total revenue, with individual subscription revenue growing by 29.42% and institutional subscription revenue increasing by 38.36% [3][4]. Financial Summary - The company reported a gross margin of 85.30% in 2023, a slight increase of 0.3 percentage points year-on-year. The net profit margin excluding non-recurring items improved to 27.70%, up 3.53 percentage points year-on-year [2][3]. - The total number of employees reached 4,558, reflecting a year-on-year growth of 6.55% [2][3]. - Key financial metrics for 2024-2026 include projected revenues of 56.03 billion yuan, 69.50 billion yuan, and 84.82 billion yuan, with corresponding net profits of 16.67 billion yuan, 20.85 billion yuan, and 26.06 billion yuan [2][4].