订阅转型影响短期表观财务指标，“双转型”加速推进

Investment Rating - The investment rating for the company is "Buy" [16] Core Insights - The company has shown significant growth in revenue, particularly in the North American and European markets, with year-on-year increases of 11.01% and 25.97% respectively in Q1 2024 [2] - The dual transformation strategy of "Subscription + Channel" is progressing steadily, with subscription revenue reaching 0.74 billion, a year-on-year growth of 73.30% [2] - The company's annual recurring revenue (ARR) for subscription business is 2.81 billion, reflecting a year-on-year increase of 13.09% [2] - Channel revenue for Q1 2024 was 0.63 billion, up 49.01% year-on-year, accounting for 37.44% of total revenue [2] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 6.11 billion, a year-on-year increase of 5.33%, but reported a net loss of 0.91 billion [16] - The company’s cash flow from operations was negative at -0.38 billion, indicating challenges in operational efficiency [16] - The company’s total liabilities increased to 448 million in 2023, up from 383 million in 2022 [18] Revenue Breakdown - The subscription revenue for 2023 was 2.16 billion, showing a year-on-year growth of 71.30% [16] - The company’s core products maintained a high renewal rate of approximately 91% [16] - The revenue from the channel segment was 2.08 billion, reflecting a year-on-year growth of 34.01% [15] Future Projections - Revenue projections for 2024-2026 are estimated at 6.79 billion, 8.14 billion, and 10.06 billion respectively, with growth rates of 11.1%, 19.9%, and 23.7% [16] - The forecasted net profit for 2024 is expected to be -0.53 billion, improving to 0.78 billion by 2026 [16]