Weaver Network(603039) 兴业证券·2024-04-11 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [5]. Core Insights - The company achieved a revenue of 2.393 billion yuan in 2023, representing a year-on-year growth of 2.65%. However, the net profit attributable to shareholders decreased by 19.99% to 179 million yuan, while the non-recurring net profit increased by 20.21% to 148 million yuan [6][7]. - In Q4 2023, the company reported a revenue of 996 million yuan, a year-on-year increase of 0.87%, and a net profit of 167 million yuan, which is a significant year-on-year growth of 67.76% [6][7]. - The company is actively advancing its AI capabilities, launching new platforms and technologies to enhance its product offerings and improve operational efficiency [5][6]. Financial Summary - The company's gross margin for 2023 was 93.94%, an increase of 0.71 percentage points from the previous year, primarily due to the software sector's revenue share rising from 71.41% to 100% [4]. - Operating cash flow for the year was 241 million yuan, reflecting a year-on-year increase of 3.17% [4]. - The financial projections for 2024-2026 estimate net profits of 218 million yuan, 262 million yuan, and 314 million yuan, respectively, with corresponding growth rates of 22.1%, 20.2%, and 19.7% [6][7].