订阅渠道转型初显成效，AI持续赋能高效办公

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 82.67 CNY, indicating an expected return of 15% or more over the next six months compared to the CSI 300 index [14][40]. Core Insights - The company reported a revenue of 611 million CNY in 2023, a year-on-year increase of 5.33%. After adjusting for foreign exchange fluctuations, the growth was approximately 0.66% [1]. - In Q1 2024, the company achieved a revenue of 169 million CNY, reflecting a year-on-year growth of 16.87%, with a net loss of 10.61 million CNY, which is a narrowing of losses compared to the previous year [1]. - The company has successfully transitioned to a subscription model, with subscription revenue reaching 216 million CNY in 2023, a year-on-year increase of 75.55%, accounting for 35.36% of total revenue [12]. - The annual recurring revenue (ARR) from subscriptions was 250 million CNY, up 80.60% from the previous year, indicating strong growth in this segment [12]. - The company has maintained a high gross margin of 94.79% and has increased its R&D investment to 236 million CNY, which is 38.71% of total revenue, reflecting a commitment to innovation [12]. Financial Performance - The company’s total revenue is projected to grow from 687.6 million CNY in 2024 to 1,014.2 million CNY by 2026, with expected net profits turning positive by 2026 [6][40]. - The net profit margin is expected to improve significantly, with projections of -6.1% in 2024 turning to 7.3% by 2026 [30][40]. - The company’s return on equity (ROE) is forecasted to improve from -1.6% in 2024 to 2.8% in 2026, indicating a recovery in profitability [9][30]. Market Position and Strategy - The company is positioned as a leading domestic PDF software provider, focusing on enhancing customer lifetime value through subscription models and channel transformations [40]. - The company has established a dual-driven strategy focusing on both domestic and international markets, with significant growth in North America and Europe, where subscription revenue increased by over 80% year-on-year [39][40]. - The integration of AI capabilities into its core PDF editor is expected to enhance product value and improve operational efficiency [7][31].