2023年需求承压，密评市场有望逐步复苏

Investment Rating - The report maintains a "Buy" rating for the company [8][14]. Core Views - The company reported a revenue of 359 million yuan in 2023, an increase of 5.54%, but a significant decline in net profit by 37.26% to 67 million yuan [12][19]. - The acquisition of Jiangnan Keyou has positively impacted the company's performance, contributing approximately 86 million yuan in revenue and 29 million yuan in net profit [12][19]. - The company is expanding its market presence in cloud service providers and telecom operators, which has shown promising results [12][19]. Financial Performance Summary - In Q4 2023, the company generated revenue of 122 million yuan, down 27.05%, with a net profit of 28 million yuan, a decrease of 64.38% [12]. - For Q1 2024, the company achieved revenue of 49 million yuan, an increase of 36.35%, but reported a net loss of 10 million yuan [12]. - The company’s gross margin and net margin have shown fluctuations, with gross margin at 73.34% and net margin significantly impacted by rising expenses [4][19]. Revenue Breakdown - The company’s revenue from end customers increased by 67.60% to 104 million yuan, while product and solution revenue decreased by 7.91% to 253 million yuan [12]. - Revenue from password services surged by 273.32% to 49 million yuan, driven by increased demand for support and technical services [12][27]. - The company anticipates revenue growth in the password system segment, projecting increases of 33%, 35%, and 30% from 2024 to 2026 [24][28]. Future Earnings Forecast - The company expects net profits of 104 million yuan, 142 million yuan, and 183 million yuan for 2024, 2025, and 2026, respectively [28][29]. - Revenue projections for the next three years are 465 million yuan, 602 million yuan, and 745 million yuan, reflecting growth rates of 29.7%, 29.4%, and 23.8% [28][29]. Market Outlook - The report highlights a positive outlook for the password evaluation market, with a significant increase in the number of evaluation agencies, which is expected to drive demand for commercial password products [12][24]. - The company is actively exploring new business areas, including cloud computing password products, and has launched new products to fill market gaps [12][24][27].