行业拓展顺利，海外有望成为新增量

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][12]. Core Insights - The company reported a revenue of 8.62 billion RMB for 2023, a year-on-year increase of 30.1%, and a net profit of 1.10 billion RMB, up 38.1% year-on-year, aligning with expectations [2][5]. - The company holds the top market share in key products: DCS (37.8%), SIS (33.7%), APC (28.2%), MES (20.7%), and OTS (14%) [2][7]. - The company has a strong customer base with 30,000 signed clients and over 3,000 new clients added [2]. - The company is expanding its industry presence, particularly in pharmaceuticals, energy, and oil and gas, with significant revenue growth in the battery sector, which saw a 463% increase to 634 million RMB [2][7]. - The company is increasing R&D investment, with R&D expenses rising by 31.13% to account for 10.53% of revenue, while also improving operational efficiency [2][8]. Summary by Sections Financial Performance - Revenue for 2023 was 8.62 billion RMB, with a growth rate of 30.1% [5]. - Net profit reached 1.10 billion RMB, reflecting a growth rate of 38.1% [5]. - The company expects revenues of 10.36 billion RMB, 12.98 billion RMB, and 16.66 billion RMB for 2024, 2025, and 2026 respectively [2][5]. Product and Market Analysis - The core business segments, including smart manufacturing solutions and industrial software, showed steady growth rates of 13.51% and 11.15% respectively [2][7]. - The S2B platform business experienced rapid growth at 117.07% [2][7]. - Domestic revenue accounted for 96% of total revenue, while overseas revenue reached 343 million RMB, a 37.42% increase year-on-year [2][7]. Valuation and Future Outlook - The current valuation corresponds to a 30x PE for 2024, which is considered low historically [2]. - The company is expected to benefit from the recovery of PMI and ongoing expansion in overseas markets, particularly in Southeast Asia and the Middle East [2][8].