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Investment Rating - The report maintains a "Buy" rating for the company [11][13]. Core Views - The company reported a revenue of 1.984 billion yuan for 2023, a year-over-year decrease of 13.0%, and a net profit attributable to shareholders of -206 million yuan, indicating a shift from profit to loss [11][12]. - The decline in revenue is attributed to delayed order confirmations and reduced customer budgets, impacting various business segments [11][12]. - Despite short-term performance pressures, the company is expected to achieve long-term high-quality growth, supported by improved cash flow and backing from its parent group [12][13]. - The company has established a core advantage in the AI security sector, launching significant products that address emerging threats [12][13]. Financial Summary - Total revenue (in million yuan): - 2022: 2,280 - 2023: 1,984 - 2024E: 2,346 - 2025E: 2,783 - 2026E: 3,312 [2] - Net profit (in million yuan): - 2022: 148 - 2023: -206 - 2024E: 276 - 2025E: 343 - 2026E: 429 [15] - Earnings per share (in yuan): - 2022: 0.17 - 2023: -0.24 - 2024E: 0.32 - 2025E: 0.40 - 2026E: 0.50 [15] - Gross margin (%): - 2022: 52.2 - 2023: 46.0 - 2024E: 48.1 - 2025E: 48.3 - 2026E: 50.0 [15] - Return on equity (ROE, %): - 2022: 3.5 - 2023: -5.2 - 2024E: 6.5 - 2025E: 7.5 - 2026E: 8.6 [15]