23年业绩稳健，云与自主品牌高增

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company reported a revenue of 1196.24 billion yuan in 2023, a year-on-year increase of 3.23%, and a net profit attributable to shareholders of 11.72 billion yuan, up 16.66% year-on-year. The Q4 2023 revenue was 354.7 billion yuan, reflecting a 13.03% year-on-year growth, while the net profit for the quarter was 3.21 billion yuan, down 0.71% year-on-year. Overall, the performance met market expectations [2]. - The cloud services and proprietary brand businesses showed significant growth, with cloud service revenue reaching 69.31 billion yuan, up 38% year-on-year, and proprietary brand revenue (including Huawei servers and network equipment) at 38.29 billion yuan, up 49% year-on-year. However, IT distribution revenue declined by 15% year-on-year due to low corporate IT investment willingness in the current macro environment [2]. - The company achieved a non-GAAP net profit of 12.63 billion yuan, a year-on-year increase of 37.22%. The report noted a non-recurring loss of 91.7 million yuan, primarily due to fair value changes in investment properties, resulting in a loss of 120 million yuan [2]. - The company met the conditions for stock option incentives in 2023, with a net profit of 12.2 billion yuan after adding back stock payment expenses [2]. - An employee stock ownership plan for 2024 was announced, allowing for a maximum of 16 million shares, approximately 2.39% of the total share capital, with a purchase price of 28.93 yuan per share [2]. Financial Summary - The overall gross margin for 2023 was 3.99%, and the net margin was 1.01%, both the highest in the last three years. The proprietary brand business achieved a gross margin of 10.45% [3]. - The net operating cycle was 48.29 days, with inventory turnover days at 39.03 and accounts receivable turnover days at 30.13. Inventory turnover improved compared to 2022, indicating strong operational efficiency, although accounts receivable management needs enhancement due to a 21.66 billion yuan increase in operating receivables [3]. - The revenue forecasts for 2024-2026 are adjusted to 1246.1 billion yuan, 1315.4 billion yuan, and 1396.3 billion yuan, respectively, with net profit forecasts of 14.0 billion yuan, 16.1 billion yuan, and 19.7 billion yuan. The current market capitalization corresponds to PE multiples of 14x, 12x, and 10x for 2024-2026, maintaining a target valuation of 17.5x PE for 2024 [3][4].