盈利逐步改善，企业级市场稳健增长

Investment Rating - The investment rating for Qi An Xin-U (688561.SH) is "Buy" [1][4][12] Core Views - The company's revenue growth slowed in 2023, achieving a total revenue of 6.442 billion yuan (+3.53%) and a net profit attributable to shareholders of 72 million yuan (+24.50%). The first quarter of 2024 saw a revenue decline of 23.82% year-on-year, primarily due to high base effects from the previous year [1][5][11] - Key products showed strong performance, with security product revenue reaching 4.740 billion yuan (+4.67%) and data security growing over 20%. The company secured a significant overseas contract worth nearly 300 million yuan for building a cybersecurity command system [1][11] - The enterprise-level market remains a growth engine, with enterprise clients accounting for 73.14% of total revenue. The company has seen a nearly 10% growth in revenue from clients contributing over one million yuan [1][11] Financial Summary - The company reported a total revenue of 6.442 billion yuan in 2023, with a projected revenue of 7.035 billion yuan for 2024, reflecting a growth rate of 9.2% [2][12] - The net profit forecast for 2024 is 182 million yuan, with expected growth rates of 154.2% and 83.3% for 2025 and 2026, respectively [2][13] - The earnings per share (EPS) is projected to increase from 0.10 yuan in 2023 to 0.27 yuan in 2024, and further to 0.90 yuan by 2026 [2][13] Business Segmentation - The revenue from network security products is expected to grow from 4.740 billion yuan in 2023 to 5.214 billion yuan in 2024, maintaining a gross margin of approximately 78.50% [12][13] - Network security services are projected to generate 7.79 billion yuan in 2023, with a slight decline, but expected to recover with a growth rate of 8% in 2024 [12][13] - Hardware and other revenues are anticipated to grow from 8.96 billion yuan in 2023 to 9.50 billion yuan in 2024, with a lower gross margin of around 4.50% [12][13]