2023年年报点评：下游需求扰动，积极探索AI+数据要素新机遇

Investment Rating - The report maintains a "Buy" rating for the company [4][12]. Core Views - The company experienced a decline in revenue and net profit in 2023 due to fluctuations in downstream demand, but it is expected to recover as economic activities resume [12][14]. - The company is actively exploring AI and big data opportunities, which may open additional growth avenues [12][14]. - The company has a strong competitive advantage in the government and large state-owned enterprises sector, which is expected to drive future revenue growth [12][14]. Financial Forecast - The company’s projected revenues for 2024-2026 are 2.624 billion yuan (+7.5%), 2.986 billion yuan (+13.8%), and 3.576 billion yuan (+19.8%) respectively [4][33]. - The net profit attributable to the parent company is expected to be 268.92 million yuan (+38.1%), 393.24 million yuan (+46.2%), and 561.25 million yuan (+42.7%) for the same period [4][33]. - Earnings per share (EPS) are forecasted to be 0.81 yuan, 1.19 yuan, and 1.70 yuan for 2024, 2025, and 2026 respectively [4][33]. Business Segments - Smart Procurement: Revenue is expected to grow at rates of 7%, 10%, and 15% from 2024 to 2026, despite a short-term decline due to reduced government bidding [14][36]. - Smart Government: Anticipated order growth rates are 5%, 15%, and 20% for the same period, benefiting from the implementation of government big data policies [36]. - Digital Construction: Expected revenue growth rates are 5%, 10%, and 15% from 2024 to 2026, with an increase in software penetration in the industry [3][36].