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Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 22.60 [15][17]. Core Insights - The company has faced challenges in its business operations, with a significant decline in revenue and net profit in 2023. The revenue for 2023 was 2,441 million yuan, down 13.56% year-on-year, and the net profit was 195 million yuan, down 66.00% year-on-year [2][15]. - Despite the current downturn, the company is focusing on enhancing its core competitiveness through product iteration and digital transformation in its procurement and government services sectors. The company has also made significant investments in R&D to support these initiatives [16][15]. - The report predicts a gradual recovery in revenue and profit from 2024 to 2026, with expected revenues of 23.08 billion yuan, 24.84 billion yuan, and 27.59 billion yuan respectively, and net profits of 1.85 billion yuan, 2.28 billion yuan, and 3.09 billion yuan [16][15]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 2,441 million yuan, a decrease of 13.56% from the previous year. The net profit was 195 million yuan, reflecting a 66.00% decline [2][15]. - The first quarter of 2024 showed a revenue of 294 million yuan, down 14.92% year-on-year, with a net loss of 52.64 million yuan [2][15]. Business Segments - Procurement Business: Revenue decreased by 16.38% to 1,022 million yuan in 2023. The company is enhancing its digital procurement processes and has added nearly 400 public resource trading projects [16][15]. - Smart Government Services: Revenue fell by 14.49% to 1,055 million yuan. The company is focusing on intelligent product development and data service transformation [16][15]. - Digital Construction: This segment saw a slight revenue decline of 2.63% to 358 million yuan, with ongoing upgrades to its digital construction platforms [16][15]. Future Outlook - The company anticipates a recovery in revenue and profitability, with projected revenues for 2024-2026 at 23.08 billion yuan, 24.84 billion yuan, and 27.59 billion yuan, respectively. Net profits are expected to be 1.85 billion yuan, 2.28 billion yuan, and 3.09 billion yuan [16][15].