业绩符合预期，智能制造引领

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on expected performance [5]. Core Views - The company is expected to achieve revenues of 2.62 billion, 3.15 billion, and 3.77 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits projected at 308 million, 382 million, and 476 million yuan for the same years [5][6]. - The company has shown resilience in its smart manufacturing segment, with significant customer expansion and a focus on domestic and intelligent opportunities [4][17]. - The report highlights a recovery in Q3 profits and the acquisition of Beijing Sinobo to strengthen its market position among central state-owned enterprises [3][17]. Summary by Sections Financial Performance - For 2023, the company reported revenues of 2.254 billion yuan, a decrease of 0.75% year-on-year, while net profit was 254 million yuan, an increase of 1.98% [17]. - In Q1 2024, revenues increased by 4.51% year-on-year to 540 million yuan, with net profit rising significantly by 216.45% to 20.38 million yuan [17][18]. Business Segments - The company's ERP segment generated 1.219 billion yuan in revenue, down 1.70% year-on-year, while the smart manufacturing segment achieved 830 million yuan, up 2.56% year-on-year [17]. - The self-developed product licensing revenue exceeded 130 million yuan, indicating a growing recognition and potential for margin improvement [17]. Market Position and Strategy - The company has successfully expanded its customer base, adding over 230 new clients, which represents 21.66% of total customers, laying a solid foundation for future growth [17]. - The report emphasizes the company's collaboration with Huawei to develop new solutions aimed at enhancing smart manufacturing capabilities [4].