Investment Rating - The investment rating for the company is "Outperform" [11][26]. Core Views - The company reported a revenue of 580 million yuan in 2023, representing a year-on-year growth of 24% [2]. - The company achieved a record quarterly revenue of 187 million yuan in Q4 2023, with a year-on-year increase of 49.3% and a quarter-on-quarter increase of 26.5% [2]. - The company is expected to benefit from its collaboration with BYD, a leading global player in the new energy vehicle sector, and an increase in domestic replacement orders [12] [11]. - The consumer electronics sector is projected to enhance profitability due to significant order increases from clients like Sanan Optoelectronics, with gross margins for products in this sector exceeding 25% [3][12]. Financial Summary - The company's revenue projections for 2023-2025 are adjusted to 580 million (previously 560 million), 940 million, and 1.15 billion yuan respectively, with net profit estimates of 59 million (previously 64 million), 115 million, and 138 million yuan [2]. - The earnings per share (EPS) are forecasted to be 0.55, 1.06, and 1.28 yuan for 2023, 2024, and 2025 respectively, with corresponding price-to-earnings (P/E) ratios of 24.7, 12.7, and 10.5 [2][23]. - The company’s gross margin is expected to improve, with projections of 19.7% in 2023, 21.4% in 2024, and 21.3% in 2025 [23].
北交所信息更新：单季度营收超预期，比亚迪、三诺电子订单提升