ARR稳步提升，行业逐步恢复

Investment Rating - Maintains a "Buy" rating [4] Core Views - The company's 2023 revenue reached 2,749 million yuan, a year-on-year increase of 5.9%, while net profit attributable to the parent company was -105 million yuan, significantly narrowing the loss compared to -779 million yuan in 2022 [3] - In Q1 2024, the company achieved revenue of 631 million yuan, a year-on-year increase of 12.6%, and net profit attributable to the parent company was 11.39 million yuan, a year-on-year increase of 11.0% [3] - The hotel information management system revenue grew by 30.1% year-on-year in 2023, reaching 938 million yuan, driven by the recovery of downstream industries [3] - The SaaS business achieved an ARR of 418 million yuan in 2023, a year-on-year increase of 24.62%, with a customer retention rate exceeding 90% [3] - The company's operating cash flow improved significantly, reaching 63.45 million yuan in 2023, a year-on-year increase of 128.1% [3] Financial Performance Summary - Revenue for 2023 was 2,749 million yuan, with a year-on-year growth of 5.9%, and Q1 2024 revenue was 631 million yuan, with a year-on-year growth of 12.6% [3][5] - Net profit attributable to the parent company in 2023 was -105 million yuan, improving from -779 million yuan in 2022, and Q1 2024 net profit was 11.39 million yuan, a year-on-year increase of 11.0% [3][5] - The company's gross margin in 2023 was 37.7%, improving to 49.3% in Q1 2024 [5] - ROE in 2023 was -1.4%, improving to 0.2% in Q1 2024 [5] Business Segment Performance - Hotel information management system revenue grew by 30.1% year-on-year in 2023, reaching 938 million yuan [3] - Social catering information management system revenue grew by 9.6% year-on-year in 2023, reaching 112 million yuan [3] - Self-owned intelligent commercial equipment revenue grew by 22.0% year-on-year in 2023, reaching 494 million yuan [3] - Retail information management system revenue decreased by 5.02% year-on-year in 2023, reaching 580 million yuan [3] Future Projections - Revenue for 2024E, 2025E, and 2026E is projected to be 3,275 million yuan, 3,922 million yuan, and 4,722 million yuan, respectively [4][5] - Net profit attributable to the parent company for 2024E, 2025E, and 2026E is projected to be 76 million yuan, 150 million yuan, and 320 million yuan, respectively [4][5] - Gross margin for 2024E, 2025E, and 2026E is projected to be 40.9%, 42.7%, and 44.5%, respectively [5] Valuation and Peer Comparison - The company is valued at 9x 2024E PS, based on comparable companies such as Kingsoft Office, Yonyou Network, Tax Friend, and Glodon, which have similar cloud product progress and competitive advantages in their respective industries [4]