SIGLENT(SH:688112) Minsheng Securities·2024-02-26 16:00Investment Rating - The report maintains a "Recommended" rating for the company [1][6]. Core Views - The company achieved a revenue of 483 million yuan in 2023, representing a year-on-year growth of 21.5%, and a net profit attributable to shareholders of 155 million yuan, up 10.5% year-on-year [1]. - The company is expected to enter a high-quality development phase in 2024, with a significant improvement in revenue structure and profit margins due to increased sales of high-end products [1][5]. - The company plans to invest 180 million yuan in a new production base in Malaysia to enhance its global manufacturing capabilities and respond to national development strategies [1]. Financial Performance Summary - In Q4 2023, the company reported a revenue of 134 million yuan, a year-on-year increase of 2.6% and a quarter-on-quarter increase of 16.84% [1]. - The average selling price of the company's products increased by 23.4% year-on-year, driven by a 55% increase in high-end product sales [1]. - The comprehensive gross margin for 2023 was 61.5%, an increase of 3.96 percentage points from the previous year [1]. Revenue and Profit Forecast - The projected revenues for 2023, 2024, and 2025 are 483 million yuan, 601 million yuan, and 729 million yuan, respectively [3][7]. - The expected net profits for the same years are 155 million yuan, 197 million yuan, and 232 million yuan, with corresponding PE ratios of 34x, 27x, and 23x for 2024 [1][7].