Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 191 million yuan for 2023, a year-on-year increase of 0.4%, and a net profit attributable to shareholders of 59 million yuan, up 46.5% year-on-year [7] - The fourth quarter of 2023 saw a significant increase in net profit, reaching 21 million yuan, which is a 165.9% year-on-year increase and a 135.6% quarter-on-quarter increase [7] - The company has successfully penetrated the industrial market, establishing partnerships with several listed companies, which has diversified its customer base and reduced dependency on a few major clients [7] - The company possesses advanced technology in various fields, providing comprehensive product solutions that are expected to benefit from downstream demand growth [7] - The report expresses optimism regarding the demand from research institutions in 2024, supported by government initiatives to upgrade scientific equipment [7] - The company is positioned as a leading domestic life science instrument manufacturer, contributing to the import substitution process [7] Financial Summary - The company’s total revenue for 2023 is projected at 191 million yuan, with a forecasted revenue of 283 million yuan for 2024 and 348 million yuan for 2025 [13][19] - The net profit for 2023 is estimated at 59 million yuan, with projections of 60 million yuan for 2024 and 74 million yuan for 2025 [13][19] - The gross margin is expected to improve to 70.9% in 2023, with slight declines projected for the following years [13][19] - The price-to-earnings ratio (PE) is forecasted at 18X for 2024 and 14X for 2025 [7]
23Q4业绩超预期，能力全面迎下游增量需求