业绩保持平稳，应收款持续减少

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating expected stock performance to be better than the market by 10% to 20% over the next six months [2][20]. Core Views - The company has shown stable performance with a slight increase in revenue and a reduction in net loss. The gross margin improved by 0.3 percentage points to 30.4% [23]. - The company is actively expanding into county markets and new scenarios, enhancing its product and brand advantages in long-tail markets. The focus on information technology construction aims to build a barrier for refined management [9][20]. - The forecast for the company's net profit for 2024-2026 is projected to be 4.0 billion, 5.2 billion, and 6.6 billion respectively, with corresponding P/E ratios of 25x, 19x, and 15x [9][17]. Financial Summary - The company's revenue for 2023 is projected at 7.8 billion, with a year-over-year growth of 2.0%. The net profit is expected to be 324 million, reflecting a significant increase of 394.2% compared to the previous year [9][17]. - The gross margin is expected to be 31.5% in 2024, slightly decreasing to 30.7% by 2026. The net margin is projected to improve from 4.2% in 2023 to 6.5% in 2026 [17]. - The company's total assets are expected to grow from 9.82 billion in 2023 to 12.72 billion by 2026, while the total liabilities are projected to increase from 4.485 billion to 5.717 billion in the same period [15][17]. Cash Flow Analysis - The net cash flow from operating activities for 2023 is expected to be 448 million, increasing to 792 million by 2026. The net increase in cash is projected to turn positive in 2024, reaching 188 million [16][17]. - The company is expected to maintain a healthy cash flow management strategy, with a focus on reducing operating expenses and improving working capital efficiency [16].