新业务驱动营收增长，持续深化中移协同

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company reported a revenue of 4.507 billion yuan in 2023, a year-on-year increase of 1.58%, and a net profit attributable to shareholders of 741 million yuan, up 18.37% year-on-year [3] - New business segments, including cloud security and data security, contributed significantly to revenue growth, with new business revenue reaching 2.142 billion yuan, a 13.82% increase, accounting for 47.54% of total revenue [3][4] - The company has strengthened collaboration with China Mobile, signing 62 strategic cooperation agreements, which has begun to yield results in customer acquisition [4] Financial Summary - In 2023, the company achieved a gross margin of 57.8% and a return on equity (ROE) of 6.2% [5] - The company expects net profits to grow to 927 million yuan in 2024, representing a 25.1% year-on-year increase, with projected revenues of 5.439 billion yuan, a 20.7% increase [5] - The company has improved its cash flow management, with a significant increase in cash reserves, enhancing its ability to withstand external risks [3][4]