经营稳健增长，赋能电力央企数智化发展

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 6.85 CNY for the next six months, compared to the current stock price of 5.29 CNY [14][43]. Core Insights - The company reported a revenue of 2.39 billion CNY for 2023, representing a year-on-year growth of 12.42%, and a net profit of 344.2 million CNY, which is a 6.68% increase [11]. - The company is positioned as a leading digital service provider in the energy sector, focusing on empowering state-owned enterprises in their digital transformation [25][43]. - The company has significant growth potential due to its strong contract assets, which increased by 311.49% year-on-year, indicating future revenue flexibility [4]. Financial Performance Summary - In Q4 2023, the company achieved an operating revenue of 827 million CNY, a 6% increase year-on-year, and a net profit of 193 million CNY, up 9.91% year-on-year [4]. - The revenue breakdown for 2023 shows that digital enterprise revenue was 1.58 billion CNY (YoY +16.14%), smart energy revenue was 292 million CNY (YoY +10.99%), and frontier technology revenue was 349 million CNY (YoY +3.35%) [4]. - The overall gross margin for 2023 was 57.21%, with a notable increase in the gross margin of the digital enterprise segment to 61.58% [4]. Future Projections - The company is expected to achieve revenues of 2.88 billion CNY in 2024, 3.36 billion CNY in 2025, and 3.89 billion CNY in 2026, with corresponding net profits of 434.7 million CNY, 530.2 million CNY, and 642.8 million CNY respectively [9][43]. - The projected earnings per share (EPS) for 2024 is 0.23 CNY, increasing to 0.34 CNY by 2026 [9][43]. Market Position and Strategy - The company benefits from its affiliation with the State Grid Corporation, ensuring stable and continuous service provision to power enterprises [26]. - The company is actively involved in various digital transformation projects for major energy groups, enhancing operational efficiency and financial management systems [17][26].