2023年收入与利润高增长，在手订单储备充沛

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company is experiencing a rapid recovery in operational performance, with a significant increase in signed orders and a focus on expanding its digital cultural tourism business [1] - In 2023, the company signed new orders totaling approximately 2.649 billion yuan, a year-on-year increase of 10.63 million yuan, and as of December 31, 2023, the backlog of orders stood at 4.489 billion yuan, indicating a strong order reserve [1] - The company is leveraging opportunities in the cultural tourism sector and has established a new research institute focused on cultural tourism and experiential consumption [1] Financial Performance - In 2023, the company achieved revenue of 2.350 billion yuan, a year-on-year growth of 39.75%, and a net profit attributable to shareholders of 282 million yuan, a year-on-year increase of 327.53% [23] - The company's digital experience space business generated revenue of 844 million yuan, up 30.53%, while the cultural and brand digital experience space business saw revenue of 1.394 billion yuan, a 40.37% increase [23] - The company expects net profits for 2024 to be 418 million yuan, reflecting a growth rate of 48.2% [9] Business Strategy - The company is integrating digital resources to engage in urban renewal projects, creating national benchmark projects [11] - It has established a MR research institute to focus on VR/MR technology applications, enhancing its capabilities in immersive experiences [24] - The company is actively involved in high-quality digital media content production for events like the Hangzhou Asian Games, contributing to its revenue from urban renewal projects [11] Market Outlook - The company is expected to benefit from the national cultural industry digitalization strategy, with innovative business and new technology applications showing potential for growth [9] - The report projects that the company will continue to see revenue growth in the coming years, with expected revenues of 2.774 billion yuan in 2024 and 3.203 billion yuan in 2025 [25]