业绩持续增长，以自研产品提升行业智能化水平

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 35.42 CNY, which corresponds to a dynamic P/E ratio of 25 times for 2024 [4][10]. Core Insights - The company, LongRuan Technology, reported a revenue of 396 million CNY in 2023, representing a year-on-year growth of 8.56%. The net profit attributable to shareholders was 84 million CNY, an increase of 5.39% year-on-year [3][4]. - The company is benefiting from national policies promoting smart mining, with its management platform business maintaining a leading position, generating over 178 million CNY in revenue, accounting for over 40% of total revenue [4]. - LongRuan Technology has increased its R&D investment to 44 million CNY in 2023, a growth of 18.45% year-on-year, which constitutes over 50% of its net profit [4]. - The company has successfully applied its core products in 46 out of the first 71 demonstration mines, indicating strong market penetration [4]. - LongRuan Technology is actively exploring AI applications, developing a knowledge base and model library system architecture for the mining industry [4]. Summary by Sections Financial Performance - In 2023, LongRuan Technology achieved a revenue of 396.1 million CNY and a net profit of 84.3 million CNY, with projections for 2024, 2025, and 2026 to reach 464 million CNY, 574 million CNY, and 702 million CNY in revenue respectively [10][12]. - The company’s net profit is expected to grow to 102.1 million CNY in 2024, 123.8 million CNY in 2025, and 155.7 million CNY in 2026 [10][12]. Market Position and Strategy - LongRuan Technology is positioned as a leader in the coal industry software sector, focusing on expanding its product lines and application areas to meet the growing demand for industry intelligence [10]. - The company has received recognition for its technological achievements, including awards from the National Coal Industry Association [4]. Future Outlook - The demand for digital and intelligent transformation in the mining industry is expected to increase, driven by advancements in AI, big data, and cloud computing [9]. - LongRuan Technology aims to provide specialized solutions for hazardous chemical enterprises and expand into intelligent manufacturing sectors [9].