2023年报点评：业绩基本稳定，云与数据业务表现亮眼

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 30.8 CNY [1][2][15]. Core Insights - The company's performance remains stable, with notable growth in cloud and data services, despite a decline in overall revenue [1][2]. - The company achieved a revenue of 9.195 billion CNY in 2023, a year-on-year decrease of 13.27%, while the net profit attributable to shareholders was 375 million CNY, a slight decline of 0.28% [1][2]. - The gross margin improved to 23.5%, up 3.3 percentage points year-on-year, indicating enhanced profitability [2]. - The cloud and data services segment saw a revenue increase of 37% year-on-year, becoming a new growth driver for the company [2]. Financial Performance Summary - In Q4 2023, the company reported a revenue of 3.974 billion CNY, a year-on-year increase of 12.27%, with a net profit of 243 million CNY, down 6.02% [1]. - The company’s gross margin for 2023 was 23.5%, and the net margin was 4.5%, reflecting improvements in cost management [2]. - The company’s revenue projections for 2024-2026 are 9.914 billion CNY, 12.115 billion CNY, and 15.513 billion CNY, respectively, with net profits expected to reach 478 million CNY, 708 million CNY, and 1.025 billion CNY [2][16]. Business Segment Performance - Revenue from cloud and data services reached 1.04 billion CNY, while the self-developed software segment generated 2.06 billion CNY, and industry solutions saw a decline of 36% to 4.09 billion CNY [2]. - The company is actively pursuing the "data element ×" action plan, focusing on the government cloud and data service markets [2]. Valuation and Market Position - The report suggests that the company is well-positioned to benefit from the growth in the Xinchuang (信创) industry and the digital economy, with a projected PE ratio of 40 for 2024 [2][16]. - The company’s total market capitalization is approximately 14.615 billion CNY, with a current share price of 22.84 CNY [3].