Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company reported a revenue of 204 million yuan in 2023, representing a year-on-year increase of 22%, and a net profit attributable to the parent company of 99 million yuan, up 41% year-on-year. The gross margin reached 66%, and the net operating cash flow was 85.34 million yuan. R&D expenses increased by 32% as the company continues to invest in research and development [3][10] - The company is expected to maintain strong growth, with projected net profits for 2024, 2025, and 2026 at 120 million yuan, 153 million yuan, and 180 million yuan respectively, corresponding to EPS of 2.09, 2.67, and 3.14 yuan per share. The current stock price corresponds to P/E ratios of 14.4, 11.3, and 9.6 for the respective years [3][10] Financial Summary and Valuation Indicators - Revenue (in million yuan): 2022A: 167, 2023A: 204, 2024E: 267, 2025E: 343, 2026E: 416 [4] - Net profit (in million yuan): 2022A: 71, 2023A: 99, 2024E: 120, 2025E: 153, 2026E: 180 [4] - Gross margin (%): 2022A: 63.8, 2023A: 65.6, 2024E: 64.3, 2025E: 63.5, 2026E: 62.5 [4] - P/E ratios: 2022A: 24.4, 2023A: 17.4, 2024E: 14.4, 2025E: 11.3, 2026E: 9.6 [4] Business Development - The company is a leader in battery testing equipment in China, focusing on high-precision testing devices for both small and large power batteries. It has entered partnerships with major battery manufacturers such as CATL and BYD. The revenue from small power equipment reached 103 million yuan, up 33%, with a gross margin increase of 3.09 percentage points to 77.4%. Revenue from large power equipment grew by 102% to 27.18 million yuan, with a gross margin increase of 5.91 percentage points to 33.23% [10][11]
北交所信息更新：大功率产品兑现翻倍增长，加码研发能量回馈测试+燃料电池测试设备