Investment Rating - The report assigns a "Hold" rating for the company, indicating that the stock price is expected to fluctuate within ±5% of the benchmark [10]. Core Insights - The company achieved a revenue of 1.965 billion yuan in 2023, representing a year-on-year growth of 6.23%. The gross profit was 1.643 billion yuan, with a slight increase of 1.76% year-on-year. However, the net profit attributable to shareholders decreased by 58.59% to 191 million yuan [1][4]. - The total order amount for 2023 was 2.348 billion yuan, reflecting a year-on-year increase of 17.9%, with the flagship product generating 1.363 billion yuan in orders, up 16.3% [1]. - The company plans to distribute approximately 1.03 billion HKD in dividends and has proposed a share buyback plan of up to 200 million HKD, demonstrating confidence in future growth [1]. Financial Performance - Revenue for 2024 is projected to be 2.196 billion yuan, with an expected growth rate of 12%. The net profit is anticipated to slightly increase to 192 million yuan, marking a 1% growth [4][6]. - The company's gross margin for 2023 was 83.6%, a decrease of 3.7 percentage points year-on-year, primarily due to increased employee costs [1]. - Operating cash flow for 2023 was 444 million yuan, showing a significant year-on-year increase of 86.6% [1]. Product and Market Dynamics - The company has seen a decrease in refund rates for its flagship products, with rates of 18.5% and 22.0% for the flagship and the secondary product respectively, down 4.2 and 2.3 percentage points from the previous year [1]. - The company has enhanced its product competitiveness through AI capabilities, launching a self-developed large model named "Jiu Ge" for market analysis and strategy generation [1]. Future Projections - Earnings per share (EPS) for 2024-2026 are projected to be 0.41, 0.47, and 0.60 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 23.64, 20.55, and 16.14 [3][4]. - The company aims to maintain a stable revenue growth trajectory, with expected revenue growth rates of 11.74%, 10.52%, and 13.17% for the years 2024 to 2026 [6].
订单增速快于收入增速形成剪刀差，推进‘科技+投研’双轮驱动战略