2023年利润正增长，积极探索AIGC应用

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a 6-month target price of 38.64 CNY, corresponding to a 30x dynamic P/E ratio for 2024 [11][31]. Core Insights - The company achieved a gross margin of 31.56% in 2023, an increase of 2.27 percentage points year-on-year, attributed to improved project quality and a strategic reduction in high-risk projects [1]. - In 2023, the company reported operating revenue of 6.503 billion CNY, a decrease of 3.01% year-on-year, while net profit attributable to shareholders was 655 million CNY, an increase of 2.59% [4]. - The company is optimistic about profit growth in 2024, despite short-term revenue pressure due to downstream client acceptance delays [4][31]. - The "Insurance+" strategy has generated direct business revenue of 130 million CNY, reflecting a year-on-year growth of 55.66% [10]. Financial Performance - The company’s revenue is projected to recover, with expected operating revenues of 7.013 billion CNY in 2024, 7.571 billion CNY in 2025, and 8.191 billion CNY in 2026 [14][31]. - The net profit is forecasted to reach 765 million CNY in 2024, 892 million CNY in 2025, and 1.030 billion CNY in 2026 [14][31]. - The gross margin is expected to improve to 32.0% in 2024 and further to 32.5% in 2025 [15]. Business Strategy - The company is actively exploring AIGC applications and has developed a software integration platform to enhance client capabilities in utilizing AIGC [19][22]. - The company maintains a strong market position and customer loyalty in the insurance IT sector, focusing on opportunities arising from industry transformations [9][10].