收入利润稳健增长，数字资产政策落地有望带来价值重估

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on a 32x PE for 2024, indicating a potential upside of 43% [24][25]. Core Insights - The company reported a revenue of 86.31 billion yuan for 2023, a year-on-year increase of 12.73%, and a net profit attributable to shareholders of 2.4 billion yuan, up 18.30% year-on-year [4][10]. - The revenue for Q4 2023 was 19.67 billion yuan, reflecting a 12.61% year-on-year growth, with a net profit of 0.73 billion yuan, also up 12.58% year-on-year [10][11]. - The company has two main business pillars: industrial data services and steel trading services, both showing robust revenue growth, although with a slight decline in gross margins due to rising costs and industry profit margin pressures [5][11]. Summary by Sections Financial Performance - The company achieved a total revenue of 86.31 billion yuan in 2023, with a net profit of 2.4 billion yuan, aligning with market expectations [10][11]. - The revenue growth rate for 2023 was 12.73%, while the net profit growth rate was 18.30% [4][10]. - The company adjusted its 2024 revenue forecast to 97.41 billion yuan from a previous estimate of 126.18 billion yuan, and the net profit forecast was revised down to 2.81 billion yuan from 3.80 billion yuan [24]. Business Segments - Industrial data services generated 8.02 billion yuan in revenue, a 15.99% increase, but the gross margin decreased to 57.02% [5][11]. - Steel trading services accounted for 85.43 billion yuan in revenue, with a 12.71% growth, but the gross margin slightly declined to 0.91% [5][11]. - The company is experiencing rapid growth in user numbers across its data services, with significant increases in registered, active, and paying users [13][17]. Future Outlook - The company is focusing on enhancing its digital asset valuation through new accounting regulations that allow data assets to be included on the balance sheet, which is expected to improve market valuation accuracy [19][22]. - The introduction of the "Steel Union Master" large language model for the commodity industry is anticipated to drive future growth [18][22]. - Revenue projections for 2025 and 2026 are set at 111.88 billion yuan and 123.07 billion yuan, respectively, with net profit estimates of 3.42 billion yuan and 4.01 billion yuan [24].