业绩持续修复，飞腾加速发展

Investment Rating - The report gives a "增持" (Overweight) rating to the company, indicating a positive outlook for its stock performance [4] Core Views - The company's revenue in 2023 was 13.42 billion yuan, a decrease of 4.33% year-over-year, with a net loss of 977 million yuan compared to a profit of 120 million yuan in the previous year [1] - In Q1 2024, the company's revenue showed recovery, increasing by 21.13% year-over-year to 2.663 billion yuan, with a net loss of 250 million yuan, an improvement from a loss of 305 million yuan in the same period last year [4] - The company's gross margin in 2023 was 21.62%, down by 3.60 percentage points year-over-year, while operating cash flow improved significantly to 437 million yuan from a negative 402 million yuan in 2022 [1] - The company's computing industry business generated 8.286 billion yuan in revenue in 2023, a decrease of 3.85% year-over-year, while its system equipment business revenue was 4.3 billion yuan, down by 5.07% [1] - Feiteng, a subsidiary, achieved revenue of over 1.9 billion yuan in 2023, an 18% year-over-year increase, with cumulative chip sales reaching 7.5 million units [2] Financial Projections - The company's revenue is projected to grow to 16.005 billion yuan in 2024, 18.973 billion yuan in 2025, and 22.465 billion yuan in 2026, with year-over-year growth rates of 19.3%, 18.5%, and 18.4% respectively [3] - Net profit attributable to shareholders is expected to turn positive in 2024 at 124 million yuan, increasing to 243 million yuan in 2025 and 419 million yuan in 2026 [3] - Gross margin is forecasted to improve to 23.0% in 2024, slightly declining to 22.8% in 2025 and 22.6% in 2026 [3] - ROE is projected to recover to 1.0% in 2024, 1.9% in 2025, and 3.1% in 2026, up from -7.7% in 2023 [3] Industry and Business Highlights - Feiteng, a key subsidiary, has developed over 1,400 new hardware solutions and adapted more than 20,000 software products, with a cumulative total of 47,000 software adaptations [2] - The company's computing and system equipment businesses, despite revenue declines in 2023, are expected to recover in 2024, supported by the growth of Feiteng and overall industry recovery [1][2]