营收稳健增长，持续推进有序扩张战略

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index over the next 6 to 12 months [8][17]. Core Insights - The company achieved a total revenue of approximately 1.034 billion yuan in 2023, representing a year-on-year growth of 15.77%. The net profit attributable to the parent company was 127 million yuan, a decrease of 15.44% year-on-year [17]. - The company continues to implement an orderly expansion strategy, with a gross margin of 68.83% in 2023, an increase of 1.04 percentage points compared to the previous year. The company has increased its investment in sales, management, and R&D expenses, which grew by 32.93%, 8.73%, and 4.40% respectively [17]. - The company focuses on independent innovation, launching data security operation solutions, and is one of the few manufacturers in the domestic network security industry to achieve full independent development of underlying hardware and operating systems [17]. Summary by Sections Financial Performance - Total revenue for 2023 was 1,034 million yuan, with a growth rate of 16% expected for 2024 [17]. - The net profit for 2023 was 127 million yuan, with an expected increase to 149 million yuan in 2024, reflecting an 18% growth [17]. - The company’s gross margin improved to 68.83% in 2023, with a projected increase to 69.2% by 2026 [17]. Business Segments - Revenue from security products reached 691 million yuan, a year-on-year increase of 25.82%. Revenue from security services and other services was 70 million yuan, up 10.07% [17]. - The operator segment generated 273 million yuan, growing by 29.84%, while the government segment saw revenue of 358 million yuan, a 4.52% increase [17]. Strategic Initiatives - The company is enhancing its market and R&D investments, with a focus on developing solutions for data security management and compliance [17]. - The company has introduced a range of products in the industrial internet sector, providing comprehensive security solutions across various industries [17].