盈利逐步改善，企业级市场稳健增长

Investment Rating - The investment rating for the company is "Buy" [6][14][15] Core Insights - The company's revenue growth slowed in 2023, achieving a total revenue of 6.442 billion yuan (+3.53%) and a net profit of 72 million yuan (+24.50%). The non-recurring net profit was -97 million yuan (+68.43%) [2][8] - In Q4 2023, the company reported revenue of 2.756 billion yuan (-9.07%) and a net profit of 1.295 billion yuan (+9.46%) [2][8] - The decline in revenue in Q1 2024 was primarily due to high base effects from the previous year, with revenue at 705 million yuan (-23.82%) and a net profit of -480 million yuan (+9.97%) [2][8] - The company has seen strong performance in key products, with security product revenue at 4.740 billion yuan (+4.67%) and data security growth exceeding 20% [2][3] - The enterprise-level customer segment is a significant growth driver, with enterprise customers accounting for 73.14% of total revenue [2][3] Financial Summary - The company forecasts revenue growth of approximately 9.2% in 2024, with projected revenues of 7.035 billion yuan and net profits of 182 million yuan [4][16] - The projected earnings per share for 2024 is 0.27 yuan, with a PE ratio of 116 [4][16] - The company aims to enhance operational efficiency and reduce costs, with expectations for AI security and innovative business developments [3][14][15] Business Segmentation - The company operates in three main business segments: network security products, network security services, and hardware and others. Revenue from network security products is expected to grow from 4.740 billion yuan in 2023 to 5.214 billion yuan in 2024 [15][16] - Network security services are projected to see revenue growth from 779 million yuan in 2023 to 841 million yuan in 2024, while hardware and other revenues are expected to increase from 896 million yuan to 950 million yuan [15][16]