收入、利润均实现高增，未来聚焦出海业务

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong performance relative to the benchmark [15]. Core Insights - The company achieved a revenue of 5.204 billion yuan in 2023, representing a year-on-year growth of 21.45%. The net profit attributable to the parent company was 326 million yuan, up 28.76% year-on-year [2][5]. - The report highlights a focus on software, innovation, and overseas business, with AI technology expected to enhance efficiency and quality in the future [2][3]. Financial Performance Summary - Revenue and Profit: In 2023, the company reported a total revenue of 5.204 billion yuan, a 21.45% increase from the previous year. The net profit attributable to the parent company was 326 million yuan, marking a 28.76% increase year-on-year [2][5]. - Quarterly Performance: For Q4 2023, the company achieved a revenue of 2.149 billion yuan, a 30.61% increase year-on-year, and a net profit of 166 million yuan, up 18.36% year-on-year [2]. - Gross Margin: The overall gross margin for 2023 was 25.94%, a decrease of 1.07 percentage points compared to the previous year. The software business gross margin was 31.13%, an increase of 1.71 percentage points year-on-year [2][5]. - Cash Flow: The net operating cash flow reached 447 million yuan, a significant increase of 155.08% year-on-year [2]. Business Segments - Software Business: The software segment generated 3.322 billion yuan in revenue, a 5.54% increase year-on-year, with state-owned large commercial banks and joint-stock banks contributing 51.04% of the software revenue [2]. - Integration Business: The integration business, driven by the promotion of financial innovation, achieved revenue of 1.720 billion yuan, a substantial growth of 77.47% year-on-year [2]. - Innovation Business: The innovation segment reported revenue of 157 million yuan, a decline of 4.53% year-on-year [2]. Future Outlook - Earnings Forecast: The report projects EPS for 2024, 2025, and 2026 to be 0.61, 0.74, and 0.91 yuan respectively, with corresponding PE ratios of 22.71, 18.69, and 15.36 [3]. - Market Expansion: The company is actively expanding its overseas business, with successful project implementations in markets such as Singapore, Indonesia, and Hong Kong [2].