Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company successfully completed the election of its ninth board of directors and supervisory board, appointing new senior management and committee members [2] - The company is actively promoting the application of artificial intelligence in smart water management, collaborating with major AI models to enhance its data management capabilities [2] - Local leaders have highly praised the company's focus on its core business and its achievements in digital transformation [3] Financial Performance Summary - The company has adjusted its revenue forecasts due to factors such as the downturn in real estate and tight local fiscal conditions, predicting revenues of approximately 1.346 billion, 1.706 billion, and 1.976 billion yuan for 2024, 2025, and 2026 respectively [4] - The forecasted net profit attributable to the parent company is approximately 48 million, 53 million, and 58 million yuan for the same years [4] - The company reported a revenue of 1.789 billion yuan in 2023, with a year-on-year growth rate of 15.1% [6] Key Financial Metrics - The company's earnings per share (EPS) is projected to be 0.24 yuan in 2024, 0.26 yuan in 2025, and 0.29 yuan in 2026 [6] - The price-to-earnings (P/E) ratio is expected to be 45.02 in 2024, 40.75 in 2025, and 37.19 in 2026 [6] - The return on equity (ROE) is forecasted to be 3.0% in 2024, 3.3% in 2025, and 3.5% in 2026 [6]