ZHI-TECH(300785) 东吴证券·2024-04-30 06:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - In 2023, the company achieved a revenue of 1.45 billion yuan, representing a year-on-year growth of 18.2%, while the net profit attributable to shareholders was 74.78 million yuan, a decline of 11.9% year-on-year [2] - The company's gross profit margin for 2023 was 48.4%, down 5.6 percentage points year-on-year, primarily due to increased business development investments and rapid growth in lower-margin new businesses [1][2] - The launch of the "Little Value AI Shopping Assistant" in February 2024 is expected to enhance content creation and operational efficiency, driving user growth and performance improvement [4] Financial Performance Summary - Revenue for 2023 was 1,452 million yuan, with a projected increase to 1,757 million yuan in 2024, reflecting a year-on-year growth of 21.04% [2] - The net profit forecast for 2024 is 100.06 million yuan, which is a 33.82% increase compared to 2023 [2] - The company's monthly active users (MAU) reached 39.29 million in 2023, a growth of 1.02% year-on-year, with content published increasing by 38.79% to 28.53 million articles [3] Business Development and AI Integration - The company is focusing on integrating AI into its business operations, with significant advancements in AI-generated content (AIGC), which saw a year-on-year increase of 150.58% [3][4] - New business revenue reached 497 million yuan in 2023, marking a 45.8% increase year-on-year, driven by services such as full-link product and media matching [3]