利润修复，信创和出海注入增长动能

Investment Rating - The report maintains a "Buy" rating for the company based on adjusted profit forecasts for 2024-2026 [2][4]. Core Insights - The company achieved a revenue of 1.918 billion yuan in 2023, representing a year-on-year growth of 1.62%. The net profit attributable to shareholders was 32 million yuan, up 42.98% year-on-year, while the net profit excluding non-recurring items reached 26 million yuan, marking a significant increase of 188.60% [5][13]. - In Q4 2023, the company reported a revenue of 741 million yuan, a decrease of 10.91% year-on-year, but the net profit attributable to shareholders increased by 85.87% to 31 million yuan, with a net profit excluding non-recurring items of 32 million yuan, up 257.34% [5][13]. - The gross margin stabilized and improved to 34%, an increase of 0.43 percentage points year-on-year. The total expenses for sales, management, and R&D accounted for 29.94% of revenue, reflecting a year-on-year increase of 1.85 percentage points [5][14]. Financial Performance Summary - The company's revenue is projected to grow from 1.918 billion yuan in 2023 to 2.594 billion yuan in 2026, with year-on-year growth rates of 6.2%, 15.3%, and 10.5% for the respective years [15]. - The net profit attributable to shareholders is expected to rise from 32 million yuan in 2023 to 149 million yuan in 2026, with growth rates of 99.8% and 42.1% in 2025 and 2026 respectively [15]. - The gross margin is anticipated to improve from 34% in 2023 to 38.6% in 2026, indicating a positive trend in profitability [15].