广电计量：Q4业绩增长超预期，净利率显著改善

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company is expected to achieve a revenue of 3.1-3.3 billion in 2024, representing a year-on-year growth of 7%-14% [1]. - The forecasted net profit for 2024 is between 300-360 million, indicating a significant year-on-year increase of 50.5%-80.6% [1]. - The company's net profit margin is projected to improve to approximately 10.3% in 2024, up by 3.4 percentage points year-on-year [2]. - The management has implemented a profit-oriented strategy, focusing on high-margin sectors such as aerospace and integrated circuits while reducing losses in less efficient areas [2]. - The company has shown confidence in its growth by initiating a share buyback plan and increasing dividend payouts to shareholders [3]. Financial Performance Summary - The company reported a revenue of 2.889 billion in 2023, with a year-on-year growth of 10.9% [5]. - The net profit for 2023 was 199 million, reflecting an 8.4% increase compared to the previous year [5]. - The earnings per share (EPS) for 2024 is expected to be 0.57, with a projected P/E ratio of 28.4 [4][5]. - The company aims for a compound annual growth rate of 26% in performance from 2023 to 2026 [3].