2023年年报和2024年一季报点评：新品与订阅进展迅速，静待行业拐点到来

Investment Rating - The investment rating for the company is "Buy" [14][16]. Core Views - The company is a leader in the PHM industry, with strong positions in metallurgy, petrochemicals, and wind power. It is expected that with the recovery of downstream market conditions, the company's revenue will return to high growth [16]. - The company has increased its R&D investment significantly, achieving a historical high of 109 million yuan in 2023, which is a year-on-year increase of 18.62%. The R&D expense ratio reached 21.91%, up by 5.09 percentage points year-on-year [15]. - The company has launched several new products and solutions, including the SuperCare intelligent operation and maintenance platform and various industry-specific solutions, which are expected to enhance its product strength [15][16]. Financial Performance Summary - In 2023, the company achieved a revenue of 498.04 million yuan, a decrease of 8.96% year-on-year. The net profit attributable to the parent company was 62.70 million yuan, down 45.98% year-on-year [1]. - For Q1 2024, the company reported a revenue of 61 million yuan, a year-on-year increase of 6.32%. However, the net profit attributable to the parent company was -19 million yuan, showing a slight improvement of 2.29% year-on-year [1]. - The company's revenue forecast for 2024 is 575.94 million yuan, with a projected year-on-year growth of 15.64% [3]. Industry Insights - The wind power and coal industries are experiencing rapid growth, with revenue from the wind power sector increasing by 21% year-on-year. However, the overall gross margin has slightly declined [4]. - The intelligent monitoring sector has shown impressive performance, with service order amounts exceeding 26 million yuan, reflecting a year-on-year increase of 54% [5]. - The company has successfully expanded its subscription service client base to approximately 80 clients, marking a 23% year-on-year growth, particularly in the petrochemical and wind power sectors [5].