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" [1][4][7] Core Views - The company experienced pressure in Q1 2024, 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% [1][5] - The company is expected to gradually recover in Q2 2024 due to adjustments in market sales strategies and organizational structure [1] - The company has achieved the highest market share in the hyper-converged infrastructure market at 22.1% in Q4 2023, and also leads in the application delivery market with a 23% share [1][2] - The company’s AI security solutions are recognized as best practices in IT scenarios, with its security GPT achieving "human-machine collaboration" [1] Financial Forecasts - Revenue projections for 2024-2026 are 8.409 billion yuan, 9.544 billion yuan, and 11.139 billion yuan, with growth rates of 10%, 14%, and 17% respectively [2][8] - Net profit forecasts for the same period are 421 million yuan, 694 million yuan, and 925 million yuan, with corresponding PE ratios of 54, 33, and 25 times [2][8] - The company’s gross margin is reported at 58.18%, a decrease of 3.93 percentage points year-on-year, primarily due to rising raw material costs [1][8]