收入稳定增长，静待下游需求修复

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 61.54 CNY based on a 3.11x PS ratio for 2024 [2][4]. Core Insights - The company reported a stable revenue growth of 76.62 billion CNY in 2023, an increase of 3.36% year-on-year, with a net profit of 1.98 billion CNY, up by 1.89% [1]. - The fourth quarter of 2023 saw a revenue of 28.54 billion CNY, reflecting a growth of 7.08%, but a decline in net profit by 16.55% [1]. - The company is focusing on an "AI First" innovation strategy, launching several AI security products to strengthen its position in the cloud computing and cybersecurity markets [1]. Financial Performance Summary - The company's revenue for 2023 was 76.62 billion CNY, with a year-on-year growth of 3.36%. The net profit was 1.98 billion CNY, reflecting a growth of 1.89% [1][3]. - The revenue breakdown by business segments shows cybersecurity at 38.92 billion CNY, cloud computing and IT infrastructure at 30.90 billion CNY, and basic network and IoT at 6.80 billion CNY, with respective growth rates of -0.14%, +8.07%, and +3.70% [1]. - The gross margin for 2023 was 65.13%, an increase of 1.31 percentage points year-on-year, with specific margins for cybersecurity, cloud computing, and basic network at 81.24%, 47.47%, and 53.24% respectively [1]. Revenue Forecast - The company is projected to achieve revenues of 83.03 billion CNY, 91.93 billion CNY, and 103.40 billion CNY for the years 2024, 2025, and 2026 respectively [2][3].