第二增长曲线增长较快，人均创收历史新高

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [41]. Core Insights - The company achieved a revenue of 4.24 billion RMB in 2023, representing a year-on-year growth of 15.5%, and a net profit attributable to shareholders of 348 million RMB, up 25.5% year-on-year [10][41]. - The company's IT service revenue reached 2.79 billion RMB, growing by 20.2% year-on-year, accounting for 65.8% of total revenue, with an improved gross margin of 23.4% [7][41]. - The company is focusing on optimizing its business structure and expanding its software product lines, which saw a revenue increase of 24.5% year-on-year [7][41]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 1.12 billion RMB, a 15.8% increase year-on-year, and a net profit of 90 million RMB, up 17.8% year-on-year [1]. - The company’s revenue projections for 2024-2026 are 4.77 billion RMB, 5.38 billion RMB, and 6.09 billion RMB, with expected growth rates of 12.5%, 12.8%, and 13.2% respectively [41]. Business Segments - The company’s software products and solutions generated 940 million RMB in revenue, marking a 24.5% increase, the highest among all product lines [7]. - Revenue from small and medium banks and non-bank financial institutions reached 380 million RMB and 300 million RMB, growing by 27.4% and 24.5% respectively [7]. Valuation Metrics - The company’s P/E ratio is projected to decrease from 23.59 in 2023 to 9.89 by 2026, indicating an attractive valuation [10][41]. - The return on equity (ROE) is expected to improve from 13.65% in 2023 to 16.86% in 2026 [10][41].