业绩符合预期，静待AI和出海起量

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 18.32 CNY per share based on a 35x PE ratio for 2024 [17][70]. Core Insights - The company's innovative business is steadily advancing, with expectations for overseas operations to gain momentum in 2024. The innovative operational business has established a dual-driven ecosystem platform and joint operation empowerment [2][34]. - The company's performance met expectations, with revenue of 5.2 billion CNY in 2023, a year-on-year increase of 21.5%, and a net profit of 330 million CNY, up 28.8% year-on-year. The rapid growth of the Xinchuang business, which increased by 77.47% to 1.72 billion CNY, contributed significantly to this growth [3][50]. - The financial Xinchuang business has shown significant data business highlights, with over half of new orders related to Xinchuang, indicating a strengthening ecosystem collaboration [5][33]. - The banking industry is accelerating its digital transformation, with AI expected to continuously help the company reduce costs and increase efficiency through the development of generative AI applications and solutions [5][61]. Financial Performance - In 2023, the company achieved a revenue of 5.2 billion CNY, with a year-on-year growth of 21.5%. The net profit attributable to shareholders was 330 million CNY, reflecting a year-on-year increase of 28.8% [50][56]. - The company’s operating cash flow was 450 million CNY at the end of 2023, compared to 180 million CNY in 2022, indicating improved cash flow management [28]. - The company’s gross margin was 25.94%, slightly down from the previous year, but the gross margins for software and integration businesses improved [56][32]. Revenue and Profit Forecast - The company forecasts net profits of 369 million CNY, 472 million CNY, and 584 million CNY for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 13.1%, 28.1%, and 23.8% [5][69]. - Revenue is expected to decline by 10.9% in 2024, followed by growth of 8.8% in 2025 and 11.9% in 2026, with total revenues projected at 4.638 billion CNY, 5.046 billion CNY, and 5.646 billion CNY for those years [69][70]. Business Segments - The software development and services segment is projected to grow at rates of 5%, 9%, and 12% from 2024 to 2026, with a gross margin forecasted to improve gradually [40][90]. - The innovative operational business is expected to recover with revenue growth rates of 30%, 32%, and 35% from 2024 to 2026, driven by the recovery of the macro economy and the expansion of overseas operations [64][69].