23年业绩超预告上限，小功率产品蓄势待发

Investment Rating - The investment rating for the company is "Outperform the Market" [2][20]. Core Viewpoints - The company achieved a revenue of 527 million yuan in 2023, representing a year-on-year growth of 40.55%, and a net profit of 117 million yuan, which is an 88.81% increase year-on-year [18]. - The demand for testing power products is expected to grow rapidly due to the strong market for photovoltaic installations, with the company’s power division accounting for approximately 70% of its revenue [3]. - The hydrogen energy testing equipment segment is positioned as a leading player in the industry, with significant contracts for large-scale electrolysis testing systems [4]. Summary by Sections Performance Overview - In 2023, the company’s revenue reached 5.27 billion yuan, with a net profit of 1.17 billion yuan, exceeding forecasts [18]. - The company is expected to maintain high growth rates in the coming years, with projected net profits of 1.58 billion yuan in 2024 and 2.40 billion yuan in 2025, reflecting growth rates of 35.7% and 51.6% respectively [20]. Business Segments - Testing Power: Revenue is projected to grow from 373 million yuan in 2023 to 756 million yuan in 2025, with a gross margin of around 55% [7]. - Hydrogen Energy Testing and Intelligent Manufacturing Equipment: Expected revenue growth of 45% annually from 2023 to 2025, with a gross margin of 45% [7]. - Power Semiconductor Testing and Intelligent Manufacturing Equipment: Anticipated revenue growth of 35% annually, with a gross margin of 17% [7]. - Other Businesses: Expected revenue growth of 4.5% in 2023, increasing to 40% in 2024 and 2025, with a gross margin of 45% [7]. Financial Projections - The company’s total revenue is projected to reach 1.08 billion yuan by 2025, with a net profit margin of approximately 22.2% [25]. - The gross margin is expected to stabilize around 50% over the next few years, indicating strong operational efficiency [25]. Market Position - The small power testing power market is estimated to be worth 5-10 billion yuan, with the company having established a solid distribution channel and pricing system [19]. - The company is recognized as a top supplier in the hydrogen electrolysis testing equipment sector, with significant technological capabilities [4].