23年业绩符合预期，核心产品持续放量

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2023 annual performance met expectations, with core products continuing to grow [1] - The company achieved a revenue of 17.861 billion yuan in 2023, representing a year-on-year increase of 16.19% [1] - The net profit attributable to the parent company was 1.669 billion yuan, up 16.92% year-on-year [1] - The company is focusing on product development and innovation, with ongoing research projects and product enhancements [2][3] Financial Summary - The company reported a slight decline in Q4 2023 revenue, which was 4.14 billion yuan, down 7.44% year-on-year [1] - The gross profit margin for the year was 47.29%, a decrease of 1.51 percentage points year-on-year [1] - The net profit margin was 14.46%, an increase of 0.15 percentage points year-on-year [1] - The company plans to achieve revenues of 20.092 billion yuan, 22.355 billion yuan, and 25.615 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 13%, 11%, and 15% [3] - The projected net profit for 2024, 2025, and 2026 is 2.0 billion yuan, 2.363 billion yuan, and 2.784 billion yuan, respectively, with growth rates of 20%, 18%, and 18% [3] Operational Insights - The company is actively exploring new product development and enhancing existing products, focusing on major product lines [2] - The company has established a stable development trajectory for its subsidiaries, with notable revenue growth in its commercial segment [1][2]