公司信息更新报告：经营效率显著提升，坚定推进国际化战略

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Views - The company is a rapidly growing innovative cybersecurity leader, and despite macroeconomic changes, the profit forecasts for 2024-2025 have been adjusted downwards to 338 million and 468 million CNY respectively, with a new forecast for 2026 at 646 million CNY, corresponding to EPS of 0.49, 0.68, and 0.94 CNY per share [4][5] Financial Performance Summary - In 2023, the company achieved operating revenue of 6,442 million CNY, a year-on-year increase of 3.53%, and a net profit attributable to the parent company of 71.75 million CNY, a year-on-year increase of 24.50%. The company also improved its operating efficiency, with a gross margin increase of 1.04 percentage points and reductions in sales, management, and R&D expense ratios [5][6] - For Q1 2024, the company reported operating revenue of 705 million CNY, a year-on-year decline of 23.82%, and a net loss attributable to the parent company of 480 million CNY, although the loss narrowed slightly compared to the previous year. The decline in revenue is attributed to the high revenue base from Q1 2023 [5][6] International Expansion Strategy - The company has made significant breakthroughs in overseas markets, including signing a major contract for a cybersecurity command system worth nearly 300 million CNY in October 2023. Additionally, it has established an international R&D center and business headquarters in Hong Kong [6]