盈利能力进一步增强，关基行业客户需求强劲

Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but it suggests maintaining attention due to the company's leading market share in the cybersecurity sector [4]. Core Insights - The company reported a revenue of 6.442 billion yuan in 2023, a year-on-year increase of 3.53%, and a net profit attributable to shareholders of 72 million yuan, up 24.50% year-on-year [2]. - The first quarter of 2024 saw a revenue of 705 million yuan, a decline of 23.82% year-on-year, with a net loss of 480 million yuan, although the loss narrowed compared to the previous year [2]. - The gross profit margin improved to 65.38% in 2023, an increase of 1.04 percentage points year-on-year [2]. Revenue Structure and Client Demand - Enterprise clients continued to be the main growth driver in 2023, accounting for 73.14% of revenue, with government clients at 18.34% and judicial clients at 8.52% [3]. - Revenue from enterprise clients grew over 17%, with significant contributions from the energy, finance, and telecommunications sectors, which together accounted for over 30% of total revenue [3]. - The company signed a contract worth nearly 300 million yuan for cybersecurity command system construction in an overseas market [3]. Product Performance - Revenue from data security products reached 1.809 billion yuan, growing over 20% year-on-year, while terminal security revenue was 962 million yuan, with a growth rate close to 20% [3]. - The company launched the industrial-grade QAX-GPT security robot and the large model guardian in March 2024, indicating ongoing innovation in product offerings [3]. Profitability and Cost Management - The growth rates of sales, management, and R&D expenses decreased significantly, leading to a total expense growth rate decline of 6.91% [3]. - The company achieved a per capita revenue of over 680,000 yuan, an increase of over 10% compared to the previous year [3]. Financial Forecasts - Projected revenues for 2024, 2025, and 2026 are 7.062 billion yuan, 8.065 billion yuan, and 9.442 billion yuan, respectively, with year-on-year growth rates of 9.62%, 14.21%, and 17.07% [4]. - The net profit attributable to shareholders is expected to be 222 million yuan in 2024, 409 million yuan in 2025, and 645 million yuan in 2026, with significant growth rates of 209.63%, 83.98%, and 57.87% respectively [4].