收入增长亮眼，信创合作持续深化

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock performance that will outperform the market by 10% to 20% within the next six months [20]. Core Insights - The company achieved a revenue of 5.204 billion yuan in 2023, representing a year-on-year growth of 21.45%, and a net profit attributable to shareholders of 326 million yuan, up 28.76% year-on-year [2][3]. - The company is focusing on deepening its strategic partnerships in the financial IT sector, particularly in the context of domestic innovation and transformation (信创) [5][15]. - The company has a strong market position in the banking IT sector, with a clear growth path and ongoing strategic collaborations, including advancements in generative AI [5][15]. Financial Performance Summary - The company's revenue growth rate for 2023 was 21.4%, with a projected revenue of 5.936 billion yuan for 2024, reflecting a growth rate of 14.1% [8][14]. - The net profit margin for 2023 was 6.3%, with a projected increase to 6.4% in 2024 [8][14]. - The company's gross margin decreased slightly to 25.9% in 2023, attributed to a higher proportion of lower-margin system integration business [25]. - Research and development expenses increased by 14% in 2023, amounting to 568 million yuan, which is 10.92% of total revenue [25]. Business Segment Performance - Software development and services generated 3.322 billion yuan in revenue, accounting for 64% of total revenue, with significant contributions from state-owned and joint-stock banks [3]. - The system integration segment saw a remarkable growth of 77%, generating 1.720 billion yuan, driven by increased demand for banking IT solutions [3]. - The innovative operation business reported a slight decline in revenue, totaling 157 million yuan, down 5% year-on-year [3]. Future Projections - The company expects net profits to reach 381 million yuan in 2024, 446 million yuan in 2025, and 528 million yuan in 2026, with corresponding EPS of 0.54 yuan, 0.63 yuan, and 0.75 yuan respectively [5][14]. - The projected P/E ratios for the next three years are 24.6, 21.0, and 17.7, indicating a favorable valuation trend [5][14].