现金流持续改善，AI助力降本增效

Investment Rating - The report maintains a "Buy" rating for the company [21] Core Views - The company's cash flow has improved significantly, with operating cash flow turning positive to CNY 128 million in 2023, and the year-end cash balance reaching CNY 905 million, up 61.99% YoY [24] - The company is leveraging AI to enhance efficiency, with its "One AI" marketing platform reducing project time and labor costs by 30% and expected to save image rental costs by 30%-70% [25] - The company's financial structure has been optimized, with the debt-to-asset ratio decreasing from 51.06% at the beginning of 2023 to 40.39% at the end of the year [24] - The company is expected to achieve net profits attributable to the parent company of CNY 658 million, CNY 787 million, and CNY 835 million in 2024, 2025, and 2026, respectively, representing YoY growth of 24.72%, 19.53%, and 6.09% [25] Financial Performance - In 2023, the company reported revenue of CNY 5.284 billion, a YoY decrease of 6.54%, and net profit attributable to the parent company of CNY 528 million, a YoY decrease of 28.36% [23] - The company's gross margin in 2023 was 17.70%, up 1.02 percentage points YoY, while sales/management/R&D/financial expense ratios were 6.36%/1.18%/1.02%/0.55%, respectively [24] - The company's accounts receivable decreased by CNY 701 million YoY, a reduction of 22.74% [24] - The company's revenue is expected to grow to CNY 5.942 billion, CNY 6.673 billion, and CNY 7.474 billion in 2024, 2025, and 2026, respectively, with YoY growth rates of 12.46%, 12.30%, and 12.00% [26] Valuation Metrics - The company's P/E ratios for 2024-2026 are projected at 10.46X, 8.75X, and 8.25X, respectively [25] - The company's P/B ratios for 2024-2026 are projected at 1.92X, 1.58X, and 1.32X, respectively [26] - The company's ROE for 2024-2026 is expected to be 18.39%, 18.02%, and 16.05%, respectively [26] AI and Technology - The company's "One AI" marketing platform, built on iFlytek's Spark large model and integrated with technologies like Stable Diffusion, has significantly improved internal business efficiency [25] - The platform is expected to be further upgraded in 2024, leveraging the company's extensive case studies and AI self-training to develop a more powerful vertical AI model for marketing [25]