2023A2024Q1点评：B2B业务有望延续稳健增长，静待云视频业务调整成效

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [17]. Core Insights - The company's B2B business is expected to continue steady growth, while adjustments in the cloud video business are awaited for their effectiveness [13]. - In 2023, the company achieved a revenue of 11.099 billion yuan, a year-on-year increase of 29%, but the net profit attributable to shareholders was 0.77 billion yuan, a decrease of 39% [10][14]. - The B2B business revenue for 2023 was 11.022 billion yuan, reflecting a 30% year-on-year growth, with a strong customer base in various sectors [14]. - The company is focusing on optimizing its B2B customer structure and enhancing its product supply chain to achieve stable revenue growth and improved profitability [29]. Financial Performance Summary - In 2023, the company reported a gross profit margin of 8.4%, down by 1.7 percentage points year-on-year, with B2B/SAAS gross margins at 8.20% and 34.23%, respectively [2]. - The net profit for 2023, excluding goodwill impairment, was 1.32 billion yuan, a 3.9% increase from 2022 [2][14]. - For Q1 2024, the company achieved a revenue of 2.191 billion yuan, a 15% increase year-on-year, with a net profit of 0.49 billion yuan, up by 11% [10][14]. Business Segment Insights - The B2B segment is projected to drive significant revenue growth, particularly from large clients in sectors such as energy, finance, and government [14]. - The SAAS business, however, saw a revenue decline of 47% in 2023, prompting strategic adjustments to focus on core areas [14]. - The company anticipates that the adjustments in the cloud video business will reduce profit drag in the future [29].