Integrity Technology (SH:688244) GOLDEN SUN SECURITIES·2024-05-15 08:02Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company reported a revenue of 396 million yuan in 2023, representing a year-on-year growth of 19.72%, while the net profit attributable to shareholders decreased by 38.78% to 31 million yuan [1]. - The company has strengthened its recruitment of high-quality technical talent and increased R&D investment in key areas such as "digital wind tunnel" testing, artificial intelligence, and data security, with R&D expenses growing by 33.10% year-on-year [1]. - The digital wind tunnel testing and evaluation business has successfully opened a second growth curve, generating 101 million yuan in revenue, accounting for 25.52% of total revenue [2]. - The company launched three AI models in February 2024, aimed at enhancing security in various applications, which significantly improve user experience and operational efficiency [3]. Financial Summary - In Q1 2024, the company achieved a revenue of 29 million yuan, a year-on-year increase of 10.66%, but reported a net profit of -20 million yuan, down 21.24% year-on-year [1]. - The new contract amount signed in 2023 increased by 40.82%, and the cash collection amount rose by 26.67%, indicating a positive overall operational situation [1]. - Revenue forecasts for 2024-2026 have been adjusted to 530 million, 685 million, and 865 million yuan, respectively, with net profit expectations of 66 million, 98 million, and 136 million yuan [4].