2023年报&一季报点评：一卡通卡位优势明显，数据业务放量

Investment Rating - The report maintains a rating of "Accumulate" for the company [12]. Core Insights - The company has a significant advantage in the "One Card" positioning, with data services continuing to break through. In 2023, the revenue from the "One Card" and AIoT application business was 577 million yuan, a year-on-year decline of 17.42%, accounting for 68.44% of total revenue. The human resources operation and big data service business achieved revenue of 238 million yuan, a year-on-year increase of 44.15%, representing 28.26% of total revenue. Traditional social security card and reading device business saw revenue drop to 28 million yuan, down 33.68% year-on-year, making up 3.30% of total revenue [2][10]. Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 843 million yuan, a year-on-year decline of 6.94%, and a net profit attributable to shareholders of 73 million yuan, down 35.72%. The net profit for the year was 84 million yuan, a decrease of 31.53%. The operating cash flow was 185 million yuan, an increase of 144.71% year-on-year. In Q4 2023, the company reported operating revenue of 291 million yuan, a slight decline of 0.24%, and a net profit attributable to shareholders of 22 million yuan, down 57.01% year-on-year [10][11]. Revenue Forecast - The company is expected to achieve revenues of 1.03 billion yuan, 1.20 billion yuan, and 1.37 billion yuan in 2024, 2025, and 2026 respectively. The net profit attributable to shareholders is projected to be 93 million yuan, 117 million yuan, and 146 million yuan for the same years [15][16]. R&D Investment - In 2023, the company invested 84 million yuan in R&D, a year-on-year increase of 0.47%, accounting for 9.98% of revenue. Despite the decline in revenue, the company continues to increase investment in data services and AI products [11][15].