海外收入亮眼，产品力持续提升

Investment Rating - The report maintains a "Recommended" rating for the company [2][12]. Core Views - The company has shown impressive overseas revenue performance and continuous improvement in product capabilities. The acquisition of Beijing Bochao has led to a decline in gross margin, but the company is expected to enhance its product strength through strategic acquisitions [2][3]. - The company reported a significant increase in revenue for 2023, achieving 827.59 million yuan, a year-on-year growth of 37.71%. However, it also reported a net loss of 61.41 million yuan, with a substantial increase in losses compared to the previous year [2][12]. - For the first quarter of 2024, the company generated revenue of 120 million yuan, a year-on-year increase of 3.84%, but continued to report losses [2][12]. Financial Summary - The company’s revenue projections for 2024-2026 are 978.62 million yuan, 1.20 billion yuan, and 1.51 billion yuan, respectively, with corresponding EPS estimates of 0.53 yuan, 0.60 yuan, and 0.69 yuan [12][14]. - The gross margin for 2023 was reported at 93.67%, a decrease of 4.82 percentage points from the previous year. The gross margin for the first quarter of 2024 showed a recovery at 95.12% [2][12]. - The company’s operating costs increased significantly due to the acquisition of Beijing Bochao, which contributed to a lower gross margin due to its custom development and technical service projects [2][12].