一季度有所回暖，股票激励彰显公司信心

Investment Rating - The report maintains a "Buy" rating for the company [2][4][28] Core Insights - The company experienced a significant decline in 2023, with total revenue of 1.608 billion yuan, down 6.56% year-on-year, and a net loss of 291 million yuan, a decrease of 395.56% [2][8] - In Q1 2024, the company reported a revenue increase of 22.05% to 288 million yuan, although it still faced a net loss of 146 million yuan [2][8] - The company is progressing with a standardization strategy, with non-operator industry revenue increasing by 6.13% and accounting for 57.55% of total revenue [2][25] - The company plans to acquire a stake in AsiaInfo Technology, which is expected to enhance business synergy and performance [2][11] Financial Performance Summary - The company’s revenue for 2023 was 1.608 billion yuan, with a net profit of -291 million yuan [3][21] - The projected revenues for 2024-2026 are 1.931 billion yuan, 2.353 billion yuan, and 2.793 billion yuan, respectively, with year-on-year growth rates of 20.1%, 21.8%, and 18.7% [21][28] - The net profit forecast for 2024-2026 is 14 million yuan, 123 million yuan, and 216 million yuan, respectively [21][28] Business Segment Analysis - Revenue from security products was 1.433 billion yuan in 2023, a slight decline of 1.96%, while revenue from security services increased by 20.46% to 89 million yuan [2][25] - The standardized products, primarily endpoint security, saw a revenue growth of 2.87%, contributing to 46.82% of total revenue [2][25] - The cloud network virtualization software segment experienced a significant decline of 53.67%, with revenue of 86 million yuan [2][25] Management and Incentives - The company has introduced a stock incentive plan for 216 employees, with a total of 12.2 million shares to be granted, reflecting management's confidence in future growth [2][11] - The performance targets set for the management team are ambitious, aiming for a compound annual growth rate of 15% to 20% from 2024 to 2026 [2][11]