2023年年报及2024年一季报点评：数智业务高速增长，关注低空经济发展机遇

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [24]. Core Insights - The company reported a revenue of 1.42 billion yuan and a net profit of 160 million yuan for 2023, reflecting a year-on-year increase of 15.8% and 1.1% respectively. The first quarter of 2024 showed a revenue of 230 million yuan, but a net loss of 30 million yuan, indicating a decline of 2.3% year-on-year [1][2]. - The company's big data software and smart transportation business became its largest revenue source, contributing 40.8% to total revenue in 2023, with a significant year-on-year growth of 60.7% [2]. - The company is strategically positioning itself in the low-altitude economy sector, having participated in the development of regulations and infrastructure projects, which is expected to create new growth opportunities [2]. Financial Performance Summary - In 2023, the company achieved an operating income of 1.42 billion yuan, with a net profit of 160 million yuan. The operating income is projected to grow to 1.74 billion yuan in 2024, with a net profit forecast of 177 million yuan [5][6]. - The gross profit margin for 2023 was 37.4%, with a net profit margin of 12.3%. However, the first quarter of 2024 saw a decline in gross margin to 9.5% due to increased costs [2][5]. - The company reported a positive operating cash flow of 125 million yuan in 2023, but a negative cash flow of 230 million yuan in the first quarter of 2024 [5][6]. Business Segment Performance - The big data software and smart transportation segment generated 580 million yuan in revenue in 2023, while the engineering design and consulting services generated 330 million yuan, showing a mixed performance across segments [2]. - The company successfully executed several benchmark projects in 2023, enhancing its competitive edge in the smart transportation sector [2]. Future Outlook - The company has adjusted its net profit forecasts for 2024 and 2025 to 177 million yuan and 209 million yuan respectively, reflecting a downward revision of 27% and 35% due to anticipated challenges in project execution [2][5]. - The strategic focus on the low-altitude economy is expected to provide new business growth avenues, with the company already involved in significant projects in this area [2].