23年报业绩稳健，24年投入继续

Investment Rating - The report maintains a "Buy" rating for the company [15][8]. Core Views - The company reported a revenue of 243 million yuan in 2023, representing a year-over-year growth of 23.5%, and a net profit of 44.46 million yuan, up 20.3% year-over-year [15][26]. - In Q1 2024, the company experienced a slight revenue decline to 34.44 million yuan, with a net loss of approximately 12.18 million yuan, attributed to increased investments and expansion [6][15]. - The company is focusing on enhancing its sales and R&D capabilities, which has led to an increase in expense ratios [16][15]. Financial Performance - The company’s gross margin for 2023 was 83.5%, a decrease of 3.33 percentage points year-over-year, with software gross margin at 96.65% and hardware gross margin at 63.85% [7][26]. - The operating cash flow for 2023 was a net inflow of 3.25 million yuan, compared to a net outflow of 7.965 million yuan in the previous year [8]. - Revenue projections for 2024 to 2026 are adjusted to 318 million yuan, 413 million yuan, and 541 million yuan respectively, with corresponding net profits of 62 million yuan, 87 million yuan, and 128 million yuan [8][26]. Revenue Breakdown - In 2023, the company’s revenue from pure software was 143 million yuan (16.7% growth), while the revenue from integrated machines was 50.1 million yuan (30.6% growth) [15][26]. - The company’s sales expense ratio increased to 30.2% and R&D expense ratio to 37.4% in 2023 due to the addition of over 100 personnel in these areas [16][15]. Valuation Metrics - The current market capitalization corresponds to a price-to-earnings (PE) ratio of 42x for 2024, 30x for 2025, and 20x for 2026, compared to an average PE of 67x for comparable companies [8][26].