2023年利润正增长，积极探索AIGC应用

Investment Rating - The investment rating for the company is "Buy-A," indicating an expected investment return of 15% or more over the next six months compared to the CSI 300 index [17]. Core Views - The company experienced a revenue decline of 3.01% in 2023, but managed to achieve a net profit growth of 2.59% due to improved project quality, leading to higher gross and net profit margins [34][38]. - The company is actively exploring AIGC applications and has seen significant growth in its "Insurance+" strategy, which generated direct business revenue of 130 million yuan, a year-on-year increase of 55.66% [35][38]. - The company is expected to achieve revenues of 70.13 billion yuan, 75.71 billion yuan, and 81.91 billion yuan in 2024, 2025, and 2026 respectively, with net profits projected at 7.65 billion yuan, 8.92 billion yuan, and 10.30 billion yuan [38]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 6.5026 billion yuan and a net profit of 654.7 million yuan, with a gross margin of 31.56%, up 2.27 percentage points from 2022 [4][34]. - The company has a backlog of approximately 2.5 billion yuan in system integration project contracts, which supports future revenue growth [6]. Cost Management - The company's sales, management, and R&D expenses increased by 1.04%, 18.06%, and 4.84% respectively in 2023, indicating effective cost control overall [16]. Market Position and Strategy - The company maintains a strong competitive position in the insurance IT sector, leveraging opportunities from the IFRS17 system construction and domestic adaptation of core insurance business systems [6][35]. - The company is developing a MaaS platform to enhance AIGC capabilities and is focusing on integrating insurance services with government and healthcare sectors [35].