2023年报点评：主业平稳发展，开拓航运数据要素

Investment Rating - The report assigns a rating of "Accumulate" for the company [4][9]. Core Viewpoints - The company has shown stable development in its main business while actively expanding its shipping data element services. It is focusing on digital innovation and technology to enhance its offerings in the shipping logistics sector [1][4][13]. - The company reported a revenue of 1.776 billion yuan in 2023, a year-on-year increase of 1.38%, and a net profit attributable to shareholders of 189 million yuan, up 3.74% year-on-year. The operating cash flow also saw a significant increase of 92.55% [2][4]. Financial Performance Summary - In 2023, the company achieved a revenue of 1.776 billion yuan, with a projected revenue of 1.893 billion yuan for 2024, 2.095 billion yuan for 2025, and 2.374 billion yuan for 2026, indicating a growth rate of 6.59%, 10.70%, and 13.28% respectively [4][16]. - The net profit attributable to shareholders is expected to grow from 189 million yuan in 2023 to 199 million yuan in 2024, 219 million yuan in 2025, and 249 million yuan in 2026, with growth rates of 5.55%, 9.83%, and 13.96% respectively [4][16]. - The company has increased its R&D investment significantly, reaching 105 million yuan in 2023, a 76.64% increase year-on-year, which represents 5.89% of its revenue [2][4][20]. Business Segment Performance - The digital city and transportation business generated 1.083 billion yuan in revenue in 2023, a decline of 7.01%, while the digital shipping and supply chain business achieved 670 million yuan, a growth of 20.39% [20]. - The company is actively developing standardized products in the shipping data sector, with its digital platform "Ship Vision" accumulating 80 million pieces of lifecycle data for ships, growing by over 40,000 entries daily [20].