2023年报点评：业绩承压，持续加强中后台能力建设

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 27.6 yuan [1]. Core Views - The company's revenue for 2023 was 2.441 billion yuan, a year-on-year decrease of 13.56%, and the net profit attributable to shareholders was 195 million yuan, down 66% year-on-year [1]. - The company is facing significant challenges due to changes in the macroeconomic environment, leading to a decline in revenue and profit margins [1]. - The company is focusing on enhancing its mid and back-office capabilities to improve internal management efficiency [1]. Financial Performance Summary - In 2023, the company's revenue was 2.441 billion yuan, with a gross margin of 61.4%, down 4.6 percentage points from 2022 [1]. - The revenue for Q4 2023 was 1.063 billion yuan, a decrease of 13.28% year-on-year, with a net profit of 284 million yuan, down 27.96% year-on-year [1]. - The three main product lines—Smart Government, Smart Procurement, and Digital Construction—saw revenue declines of 14.49%, 16.38%, and 2.63% respectively [1]. Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 2.645 billion yuan, 2.855 billion yuan, and 3.084 billion yuan respectively, with expected net profits of 304 million yuan, 314 million yuan, and 325 million yuan [1]. - The report anticipates a recovery in revenue growth starting in 2024, with a projected growth rate of 8.4% [1].