太极股份营收承压，云与数据服务业务进展良好

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company reported a total revenue of 9.19 billion yuan in 2023, a decrease of 13.3% year-on-year, with a net profit attributable to shareholders of 0.38 billion yuan, down 0.28% [7] - The decline in revenue is attributed to a proactive reduction in the scale of integration business and delays in related projects [7] - The company has shifted focus towards high-margin projects in cloud and data services, resulting in a significant increase in gross margin to 23.5%, up 3.32 percentage points, and a net margin of 4.5%, up 0.67 percentage points [7] - The company increased its stake in Renda Jincang to 53.4% through public acquisition [7] - Renda Jincang achieved a revenue of 0.37 billion yuan, an increase of 8.4%, and a net profit of 75.24 million yuan, up 50% [8] - The cloud and data services business grew rapidly, generating 1.04 billion yuan in revenue, a 37% increase, accounting for over 10% of total revenue [8] - The company's R&D expenditure capitalization rate increased to 43.2% in 2023, up from 14.4% in 2022 [8] - The company experienced a net cash outflow of 0.55 billion yuan from operating activities due to an increase in receivables [8] Financial Summary - The company expects revenues of 10.51 billion yuan, 12.05 billion yuan, and 13.92 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 0.45 billion yuan, 0.62 billion yuan, and 0.84 billion yuan [9][11] - The gross margin is projected to be 23.2% in 2024, 23.7% in 2025, and 24.7% in 2026 [11] - The report indicates a decrease in the expected earnings per share for 2024 to 0.73 yuan [11]