Investment Rating - The report maintains an "Accumulate" rating for Hengwei Technology (603496.SH) with a target price of 25.63 CNY [3]. Core Views - Hengwei Technology reported a total revenue of 771 million CNY for 2023, a slight increase of 0.12% year-on-year, and a net profit attributable to shareholders of 79 million CNY, representing a growth of 3.36% [3][6]. - The company's intelligent system platform business has shown rapid growth, becoming the main source of revenue, with a revenue of 392 million CNY in 2023, up 13.39% year-on-year [3]. - The network visualization business experienced a decline, with revenue of 376 million CNY, down 9.1% year-on-year, primarily due to delays in revenue recognition for certain projects [3]. - The company remains optimistic about revenue growth in 2024, supported by an increase in high-margin products within the network visualization segment [3]. Summary by Sections Financial Performance - In 2023, Hengwei Technology achieved total revenue of 771 million CNY, with a year-on-year growth of 0.12% and a net profit of 79 million CNY, reflecting a growth of 3.36% [3][8]. - The gross margin improved by 2.75 percentage points to 45.78%, contributing to the increase in net profit [3]. - Revenue projections for 2024 to 2026 are estimated at 1.07 billion CNY, 1.45 billion CNY, and 1.92 billion CNY respectively, with corresponding net profits of 124 million CNY, 170 million CNY, and 227 million CNY [6][8]. Business Segments - The intelligent system platform business is the primary growth driver, with a revenue increase of 13.39% in 2023 [3]. - The network visualization business faced challenges, with a revenue decline of 9.1% due to project delays, but the company is actively working on project advancements [3][5]. - The company is focusing on domestic product development and has made significant investments in R&D, amounting to 141 million CNY, which is 18.23% of its sales revenue [3]. Market Position and Strategy - Hengwei Technology is positioned as a leading provider in the domestic network visualization and intelligent system platform sectors, actively expanding into robotics and intelligent computing [6]. - The company has established partnerships with several GPU manufacturers, enhancing its product offerings and market presence [5]. - The report highlights the company's commitment to domestic technology and innovation, particularly in the context of the growing demand for AI and data-driven solutions [5].
算力调优获GPU支持,受益网络可视+数据要素+AI智算