经营维持良好态势，派息率三年内将超75%

Investment Rating - The report maintains an "Outperform" rating for the company [14]. Core Views - The company is expected to achieve revenue growth of 7.69% in 2023, with projected revenues of 1.01 trillion yuan, and a net profit of 131.93 billion yuan, reflecting a year-on-year increase of 5.03% [18][25]. - The company is accelerating its AI+ strategy, with significant growth in cloud services, particularly in the government and enterprise market, which saw a revenue increase of 14.2% year-on-year [3]. - The company plans to increase its intelligent computing scale by 70% in 2024, with a capital expenditure forecast of 173 billion yuan, down 4% from the previous year [24]. Financial Forecasts - Revenue projections for 2023-2025 are 1.08 trillion yuan, 1.16 trillion yuan, and 1.23 trillion yuan, respectively, with net profits of 141.20 billion yuan, 151.27 billion yuan, and 160.23 billion yuan [4][25]. - The company’s gross margin is expected to improve gradually, reaching 29.1% by 2026 [11][34]. - The report indicates a dividend payout ratio of 71% for 2023, with plans to exceed 75% over the next three years [19][32]. Business Segments - The main business revenue is projected to grow at a rate of 6.34% in 2024, with total revenue from main operations expected to reach 915.59 billion yuan [34]. - The mobile industry cloud revenue is anticipated to grow by 72% year-on-year, contributing significantly to overall cloud revenue growth of 66% [3][32]. Market Performance - The company’s stock closed at 101.40 yuan, with a 52-week price range of 87.35 to 109.18 yuan [1]. - The report highlights a strong performance relative to the market, with expectations for the stock to outperform the benchmark index by over 10% [7].