一季度承压，期待调整带来积极变化

Investment Rating - The investment rating for the company is "Buy" [5][9]. Core Insights - The company faced pressure in Q1, with revenue declining by 14.66% year-on-year to 1.035 billion yuan, and a net loss attributable to shareholders of 489 million yuan, down 18.64% [7][9]. - The company has made adjustments to its market sales strategy and organizational structure, which is expected to lead to gradual recovery in Q2 [7]. - The gross margin decreased to 58.18%, down 3.93 percentage points year-on-year, primarily due to rising raw material costs [7]. - The company has achieved the highest market share in the hyper-converged infrastructure market, reaching 22.1% in Q4 2023, and 17.5% for the entire year [7]. - The company’s cloud desktop business is also leading the market, with expectations of gaining more market share following Citrix's exit from China [7]. Financial Performance Summary - Revenue for 2022 was 7.413 billion yuan, with a growth rate of 8.9%. For 2023, revenue is projected at 7.662 billion yuan, a growth of 3.4% [3]. - The net profit for 2022 was 194 million yuan, with a significant decline of 28.8%. The forecast for 2024 is a net profit of 421 million yuan, representing a growth of 113% [3][11]. - The company’s earnings per share (EPS) for 2022 was 0.47 yuan, expected to rise to 1.01 yuan in 2024 [3][11]. - The projected revenue for 2024-2026 is 8.409 billion yuan, 9.544 billion yuan, and 11.139 billion yuan, with growth rates of 10%, 14%, and 17% respectively [9][11].