模式升级期业绩短期承压，合同负债增速较高

Investment Rating - The investment rating for the company is currently not explicitly stated in the provided documents, but it suggests maintaining attention due to the company's position as a leading global enterprise cloud service and software provider [5]. Core Insights - The company reported a revenue of 9.796 billion yuan in 2023, a year-on-year increase of 5.8%, while the net profit attributable to shareholders was -0.967 billion yuan, a significant decline of 541.3% [2]. - The company is undergoing a model upgrade, which has temporarily impacted performance, but the negative effects are expected to diminish over time [3][4]. - The company has seen a substantial increase in contract liabilities, with a total of 2.81 billion yuan at the end of 2023, reflecting a year-on-year growth of 13.9% [3]. Financial Performance Summary - Revenue for 2023 was 9.796 billion yuan, with a growth rate of 5.77% compared to 2022 [6]. - The gross profit margin decreased to 50.73%, down 5.64 percentage points year-on-year [2]. - The company expects revenues for 2024, 2025, and 2026 to be 10.868 billion yuan, 12.333 billion yuan, and 14.263 billion yuan, respectively, with growth rates of 10.94%, 13.48%, and 15.65% [5][6]. Business Segment Performance - Revenue from large enterprise clients reached 6.519 billion yuan, a year-on-year increase of 4.3%, with cloud service revenue at 4.731 billion yuan, up 7.7% [3]. - The medium-sized enterprise market generated 1.386 billion yuan, growing by 21.4%, while small and micro enterprises contributed 0.806 billion yuan, an increase of 17.7% [3]. - The government and other public organizations saw a revenue decline of 12.5%, totaling 0.982 billion yuan [3]. Product Development and Innovation - The company launched the BIP 3 flagship version, achieving significant sales and establishing itself as a choice for digital transformation in various industries [4]. - The introduction of the YonGPT enterprise service model has integrated deeply with existing products, marking a significant innovation in the company's offerings [4].