信创促进营收积极增长，24年打造多业务矩阵

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in the upcoming years [11][32]. Core Insights - The company achieved a revenue of 1.9 billion RMB in Q4 2023, representing a year-on-year growth of 49.7%. The net profit attributable to the parent company, after deducting non-recurring items, was 1.3 billion RMB, up 66.1% year-on-year [9]. - The company's revenue growth rate is significantly higher than other To B financial IT companies, driven by the active promotion of domestic commercial password system upgrades and the deployment of certain innovative products in brokerage firms, leading to software sales revenue of 2.1 billion RMB, a 76.1% increase year-on-year [10]. - The company plans to invest 200 million RMB in its Hong Kong subsidiary to further expand into overseas markets and has acquired a 33% stake in a technology firm for 594 million RMB to enhance its market presence in the financial securities sector [10]. - The company is focusing on developing bond market products and enhancing its comprehensive financial database systems to create new growth points, while also aiming to provide intelligent investment analysis and advisory services to expand its user base on the Tongdaxin APP [10]. Summary by Sections Performance Review - In 2023, the company reported total revenue of 4.3 billion RMB, a 35.2% increase year-on-year, with a net profit of 2.9 billion RMB, reflecting a 37.8% growth [24]. Financial Forecast - The projected revenues for 2024, 2025, and 2026 are 5.3 billion RMB, 6.6 billion RMB, and 8.1 billion RMB, respectively, with year-on-year growth rates of 22.8%, 23.2%, and 23.2%. The net profits are expected to be 3.9 billion RMB, 4.8 billion RMB, and 5.9 billion RMB, with corresponding growth rates of 23.9%, 23.9%, and 24.3% [11][28].