业绩超预期，海外市场成长可期

Investment Rating - The investment rating for the company is "Buy" with a target price of 51.00 CNY, maintaining the current price of 45.85 CNY [14]. Core Views - The company reported a strong performance in 2023, achieving a revenue of 4.20 billion CNY, a year-on-year increase of 26.91%, and a net profit attributable to shareholders of 0.98 billion CNY, up 47.90% year-on-year. The fourth quarter of 2023 saw a revenue of 1.33 billion CNY, reflecting a year-on-year growth of 43.88% and a quarter-on-quarter increase of 33.60% [12][13]. - The overseas revenue reached 2.79 billion CNY in 2023, marking a significant year-on-year growth of 51.29%. The gross margin improved by 6.42 percentage points year-on-year. The company has successfully implemented its software products in over 130 projects in overseas markets and is planning factory layouts in Europe and Latin America [12][13]. - The company is expected to benefit from the high growth in the overseas smart meter market, with projected revenues for 2024, 2025, and 2026 at 5.22 billion CNY, 6.49 billion CNY, and 8.08 billion CNY respectively, with year-on-year growth rates of 24.26%, 24.37%, and 24.48% [13]. Financial Summary - The company achieved a revenue of 4.20 billion CNY in 2023, with a growth rate of 26.91%. The projected revenues for 2024, 2025, and 2026 are 5.22 billion CNY, 6.49 billion CNY, and 8.08 billion CNY, with respective growth rates of 24.26%, 24.37%, and 24.48% [28]. - The net profit attributable to shareholders for 2023 was 0.98 billion CNY, with a growth rate of 47.90%. The projected net profits for the next three years are 1.17 billion CNY, 1.44 billion CNY, and 1.78 billion CNY, with growth rates of 18.65%, 23.63%, and 23.14% respectively [28]. - The earnings per share (EPS) for 2023 was 2.01 CNY, with projections of 2.39 CNY, 2.95 CNY, and 3.63 CNY for the following three years [28].