全年业绩稳健增长，运营商业务形成支撑

Investment Rating - The investment rating for the company is "Accumulate-A" with a target price of 15.47 CNY over the next six months, corresponding to a 60 times dynamic price-to-earnings ratio for 2024 [5][14]. Core Insights - The company reported a steady growth in performance, with 2023 revenue reaching 1.034 billion CNY, a year-on-year increase of 15.77%, while the net profit attributable to shareholders was 126.6 million CNY, a decrease of 15.44% [2][3]. - In Q1 2024, the company achieved revenue of 255 million CNY, up 10.16% year-on-year, and a net profit of 37 million CNY, an increase of 12.37% [2][3]. - The operator business has become a major support for revenue growth, with a 29.84% increase in revenue to 273 million CNY in 2023 [3][5]. - The company has successfully expanded its government business, achieving a revenue of 358 million CNY, a growth of 4.52% despite a challenging external environment [3][5]. - The public utility business also performed well, generating 206 million CNY in revenue, reflecting a growth of 17.98% [3]. Financial Performance Summary - The overall gross margin for 2023 was 68.83%, an increase of 1.04 percentage points, indicating strong product competitiveness [3]. - The company’s operating cash flow for 2023 was 126 million CNY, aligning closely with net profit, showcasing effective project receivables management [4]. - The company plans to continue its expansion strategy, increasing its sales personnel from 397 to 512, a 29% rise, which is expected to enhance long-term competitive advantages [3][4]. Future Projections - The company is projected to achieve revenues of 1.232 billion CNY, 1.475 billion CNY, and 1.773 billion CNY for the years 2024, 2025, and 2026 respectively, with net profits expected to be 166 million CNY, 210 million CNY, and 266 million CNY for the same years [14][15].