股权激励发布，彰显高速发展信心

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 57.2 CNY over the next six months, compared to the current stock price of 37.98 CNY [10][16]. Core Insights - The company is positioned as a leader in the high-end radio testing and measurement sector in China, focusing on upgrading its customer system, product matrix, and business model [29]. - The company has launched a stock incentive plan covering 54 key personnel, which is expected to stabilize its core team and reflects confidence in achieving high growth in the coming years [5][27]. - Revenue projections for 2023-2025 are estimated at 283.1 million CNY, 372.7 million CNY, and 505.1 million CNY respectively, with net profits expected to be 95.1 million CNY, 120.5 million CNY, and 158.4 million CNY [16][17]. Financial Performance - The company reported a significant increase in revenue and net profit, with a net profit margin of 31.1% in 2021, increasing to 36.9% in 2022, and projected to be 33.6% in 2023 [17][19]. - The earnings per share (EPS) is expected to grow from 1.13 CNY in 2023 to 1.89 CNY by 2025, indicating a strong growth trajectory [17][35]. - The company’s total market capitalization is approximately 3.19 billion CNY, with a circulating market value of about 2.20 billion CNY [10]. Market Position and Growth Potential - The company is expected to benefit from the growing demand for satellite internet technology, positioning itself as a "shovel seller" in the satellite internet sector, which requires electronic measurement equipment [14][28]. - The stock price has shown a significant decline of 42.5% over the past month, indicating potential for recovery as the market stabilizes [2][30]. - The company’s product matrix is expanding, enhancing its ability to meet diverse testing and simulation needs across various industries [14][29].