业绩短期承压，积极布局抗量子密码等领域

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 43.80 CNY, which corresponds to a dynamic price-to-earnings ratio of 30 times for 2024 [21][25]. Core Views - The company reported a total revenue of 359 million CNY in 2023, representing a year-on-year growth of 5.54%, while the net profit attributable to shareholders decreased by 37.26% to 67 million CNY [1]. - In Q1 2024, the company achieved a revenue of 49 million CNY, showing a significant year-on-year growth of 36.35%, but reported a net loss of 10 million CNY [1]. - The company has successfully launched new self-developed security chips, which have reduced costs and opened up significant market opportunities in the Internet of Things (IoT) sector [5][25]. Financial Performance - The revenue structure has shifted, with the contribution from high-margin password system business declining from 42.11% in 2022 to 30.01% in 2023, leading to a slight decrease in gross margin to 73.20% [20]. - The company’s expenses have increased significantly due to expansion in R&D and sales personnel, with sales, management, and R&D expense ratios rising by 9.84, 3.15, and 7.35 percentage points respectively in 2023 [20]. - The company’s self-developed chips have generated 15 million CNY in revenue in 2023, marking a year-on-year increase of 128.39% [5]. Market Position and Growth Potential - The company has established partnerships with major cloud service providers, including Huawei Cloud and China Mobile Cloud, which have contributed to revenue growth despite challenging downstream demand [4]. - The company is focusing on data security technologies and has launched an "anti-quantum privacy computing integrated machine" to address the challenges posed by quantum computing [25]. - The projected revenues for 2024, 2025, and 2026 are expected to be 442.2 million CNY, 561.3 million CNY, and 691 million CNY respectively, with net profits of 84.5 million CNY, 119.4 million CNY, and 152.4 million CNY [25].