跟踪点评：AI助力产品客户边界升维

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The recent productivity conference by the company has exceeded expectations, with significant updates in strategy and product offerings [2] - The integration of AI into the company's products is expected to enhance the long-term potential in the B-end market, which was previously underestimated [2][3] - The company's revenue and profit forecasts for 2024-2026 are optimistic, with projected revenues of 57.11 billion, 77.45 billion, and 101.7 billion respectively, and net profits of 17.00 billion, 24.38 billion, and 32.1 billion respectively [3] Financial Forecasts - Total revenue (in million) for 2022A was 3,885, with projections of 4,556 for 2023A, 5,711 for 2024E, 7,745 for 2025E, and 10,168 for 2026E, reflecting growth rates of 18.44%, 17.27%, 25.35%, 35.62%, and 31.29% respectively [1] - Net profit attributable to the parent company (in million) was 1,118 for 2022A, with forecasts of 1,318 for 2023A, 1,700 for 2024E, 2,438 for 2025E, and 3,213 for 2026E, indicating growth rates of 7.33%, 17.92%, 29.03%, 43.40%, and 31.79% respectively [1] - The latest diluted earnings per share (in yuan) are projected to be 2.85 for 2023A, 3.68 for 2024E, 5.28 for 2025E, and 6.96 for 2026E [1] Market Data - The closing price of the company's stock is 284.18 yuan, with a one-year low of 198.50 yuan and a high of 530.50 yuan [5] - The price-to-book ratio is 13.19, and the circulating A-share market value is 131,239.22 million yuan [5] Basic Data - The net asset per share (in yuan) is 21.55, with a debt-to-asset ratio of 28.30% [6] - The total share capital is 461.82 million shares, all of which are circulating A-shares [6]