经营质量稳步提升，静待新一代产品起量

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 27.53 CNY per share, based on a 30x PE for 2024 [4][27]. Core Views - The company's revenue growth slightly underperformed expectations, achieving 7.281 billion CNY in 2023, a year-on-year increase of 11.98%, while net profit attributable to shareholders reached 1.424 billion CNY, up 30.50% [2][9]. - The company is advancing high-quality development with the gradual rollout of its next-generation core products, including O45 and UF3.0, which have seen new client acquisitions and project completions [2][15][16]. - Increased R&D investment is being made to maintain technological leadership, with R&D expenses totaling 2.661 billion CNY in 2023, representing 36.55% of revenue [2][17]. - The long-term outlook for the asset management technology industry is positive, driven by the AIGC wave, which is expected to push financial institutions from digitization to intelligentization [2][18]. Financial Performance Analysis - In 2023, the company reported a gross margin of 74.84%, an increase of 1.28 percentage points from 2022 [10][15]. - The breakdown of revenue by business segments shows varied performance, with wealth technology services at 1.73 billion CNY (up 4.3%), asset management technology services at 1.71 billion CNY (down 9.3%), and risk and platform technology services at 0.51 billion CNY (up 19.1%) [10][24]. - The company’s operating cash flow was 1.26 billion CNY, reflecting a year-on-year growth of 10.53% [10]. Profit Forecast and Investment Recommendations - The company is projected to achieve EPS of 0.92, 1.07, and 1.20 CNY per share for 2024, 2025, and 2026, respectively, with revenue expected to grow to 7.768 billion CNY in 2024, 8.454 billion CNY in 2025, and 9.346 billion CNY in 2026 [2][26]. - The report anticipates a steady increase in net profit, forecasting 1.744 billion CNY for 2024, 2.024 billion CNY for 2025, and 2.273 billion CNY for 2026 [26].