优利德：高端化与专业化纵横拓展；全球化布局开启新篇章

Investment Rating - The report initiates coverage with a "Buy-A" rating for the company [4]. Core Insights - The company has achieved a revenue of 1.02 billion yuan in 2023, representing a year-on-year growth of 14.44%, and a net profit of 161 million yuan, up 37.46% [9][13]. - The gross margin improved to 43.32% in 2023, an increase of 7.06 percentage points compared to the previous year [9][18]. - The company is focusing on high-end and specialized products, which has significantly enhanced its profitability [9][24]. - The global expansion strategy is underway, with overseas sales increasing by 17.78% in 2023, accounting for 58.16% of total sales [9][27]. Summary by Sections Company Overview - The company has been dedicated to the testing and measurement instrument sector for 36 years, aiming to become a world-class national brand [9]. - It has a stable ownership structure with a family holding 54.75% of the shares, ensuring control and stability [10]. Financial Performance - In 2023, the company reported a revenue of 1.02 billion yuan and a net profit of 161 million yuan, with a gross margin of 43.32% [9][13]. - The projected revenues for 2024, 2025, and 2026 are 1.186 billion yuan, 1.384 billion yuan, and 1.625 billion yuan, respectively, with net profits expected to be 200 million yuan, 251 million yuan, and 315 million yuan [4][9]. Market Position and Strategy - The company is enhancing its product matrix in high-end instruments, which is expected to drive both volume and price increases [9][24]. - The company has established a strong international presence, with significant growth in overseas sales and a robust service system in the U.S. and Germany [9][27]. Industry Trends - The electronic measurement instrument market is projected to grow significantly, with the global market expected to reach 1089.1 billion yuan by 2025 [33]. - Domestic brands are increasingly replacing foreign products, driven by supportive policies and a growing demand for high-quality instruments [33][42].