营业收入创新高，海外业务有望跳变

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][19] Core Views - The company achieved a record high revenue of 5.204 billion yuan in 2023, representing a year-on-year growth of 21.45%. The net profit attributable to shareholders was 316 million yuan, up 29.34% year-on-year [5] - The company's software business generated revenue of 3.322 billion yuan, with a growth rate of 5.54%. The revenue from the domestic large banks and joint-stock banks contributed 51.04% of the software revenue [5] - The company is actively expanding its AI capabilities and has potential for significant growth in overseas markets through partnerships and innovative financial technology products [6] Financial Performance Summary - Revenue (million yuan): - 2022A: 4,285 - 2023A: 5,204 - 2024E: 5,725 - 2025E: 6,329 - 2026E: 7,027 - Year-on-year growth rates: 15% (2022A), 21% (2023A), 10% (2024E), 11% (2025E), 11% (2026E) [2] - Net Profit (million yuan): - 2022A: 253 - 2023A: 326 - 2024E: 361 - 2025E: 407 - 2026E: 469 - Year-on-year growth rates: -36% (2022A), 29% (2023A), 11% (2024E), 13% (2025E), 15% (2026E) [2] - Gross margin for software development increased by 1.71 percentage points to 31.13% in 2023 [6] - Operating cash flow reached 447 million yuan in 2023, a year-on-year increase of 155.08% [6] Future Outlook - The company forecasts revenue for 2024-2026 to be 5.725 billion yuan, 6.329 billion yuan, and 7.027 billion yuan respectively, with net profits of 361 million yuan, 407 million yuan, and 469 million yuan [19] - The company maintains a P/E ratio forecast of 26 for 2024, 23 for 2025, and 20 for 2026 [19]