重视研发、销售，打造长期竞争力

Investment Rating - The report maintains a "Buy" rating for the company, with an expected price increase of over 15% in the next 6-12 months [7][13]. Core Insights - The company emphasizes research and development (R&D) and sales to build long-term competitiveness, with significant increases in R&D and sales expenses [2][3]. - In 2023, the company's R&D expenses reached 105 million yuan, a year-on-year increase of 46.3%, with an R&D expense ratio of 10.2%, up by 2.2 percentage points [3]. - Sales expenses for 2023 amounted to 102 million yuan, a year-on-year increase of 56.4%, with a sales expense ratio of 10.0%, up by 2.7 percentage points, primarily due to the establishment of a sales team for international business [3]. - The company achieved a revenue of 1.02 billion yuan in 2023, a year-on-year increase of 15%, and a net profit attributable to shareholders of 161 million yuan, up 37% year-on-year [12]. - The gross profit margin for 2023 reached 43.16%, an increase of 7.01 percentage points year-on-year, while the net profit margin was 15.7%, up 2.5 percentage points [21]. Summary by Sections Financial Performance - The company forecasts revenues of 1.025 billion yuan for 2023, 1.238 billion yuan for 2024, and 1.499 billion yuan for 2025, with corresponding net profits of 161 million yuan, 231 million yuan, and 314 million yuan [13][33]. - The company’s earnings per share (EPS) are projected to be 1.454 yuan for 2023, 2.081 yuan for 2024, and 2.830 yuan for 2025 [33]. Product Development - The company is focusing on high-end instruments, with significant advancements in product offerings such as high-pressure multimeters and infrared thermal imagers, which are expected to drive revenue growth in the coming years [21]. - The revenue from temperature and environmental business is projected to be 235 million yuan, 282 million yuan, and 339 million yuan for 2023-2025 [21]. Market Position - The company is positioned to benefit from the increasing demand for high-end instruments, with a gross margin forecast of 46%, 50%, and 52% for its instrument segment from 2023 to 2025 [21].