算力+低空+AI+数据要素多重受益，营收再回双位数增长

Investment Rating - The investment rating for the company is "Maintain Buy-B" [2] Core Views - The company has benefited from multiple factors including domestic substitution, financial growth momentum, and the development of low-altitude economy, leading to a revenue increase of 15.71% year-on-year, reaching 6.587 billion yuan in 2023 [2] - The company's net profit attributable to shareholders decreased by 13.06% year-on-year to 28 million yuan, primarily due to non-operating impacts such as impairment losses and property disposal gains [2] - The company is actively expanding its market presence, particularly in the mobile sector, although new customer orders have a lag effect on revenue and profit [2][4] Financial Performance - In 2023, the company's main business revenue reached 6.556 billion yuan, a year-on-year increase of 15.16% [2] - The company’s ICT product distribution revenue was 4.968 billion yuan, growing by 20.21% year-on-year, becoming a significant revenue source [2] - The forecasted revenues for 2024-2026 are 7.674 billion yuan, 8.886 billion yuan, and 10.059 billion yuan respectively, with year-on-year growth rates of 16.5%, 15.8%, and 13.2% [5][7] Business Segments - The financial and telecommunications sectors contributed revenues of 703 million yuan and 652 million yuan respectively, accounting for 44% and 41% of software and service business revenue [2] - The company’s subsidiary, Jinhua Wei, is a key distributor for Huawei and has seen rapid growth due to investments in domestic computing infrastructure [2][4] - The company is exploring innovative applications in smart connected vehicles, agricultural insurance remote sensing analysis, and drone technology, aiming to accelerate productization and application scenarios [2][3] Future Outlook - The company is expected to maintain rapid growth as telecom operators transition into data technology enterprises and the financial sector continues its digital transformation [5] - The introduction of AI and data element products into state-owned enterprises is anticipated to accelerate the establishment of a second growth curve for the company [4] - The company is involved in the circulation of data elements and is upgrading its external data integration analysis platform, indicating a strategic focus on AI technology and applications [4]