Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Insights - The company reported a revenue of 315 million yuan for 2023, a year-on-year increase of 14.5%, and a net profit attributable to the parent company of 75 million yuan, up 7.2% year-on-year [9]. - The company has successfully completed its equity incentive plan and management has increased their holdings, reflecting strong long-term confidence [9]. - The company is focusing on expanding its market presence and enhancing its product offerings in high-end testing services, particularly in the automotive chip testing sector [9]. Financial Summary - Total revenue is projected to grow from 315 million yuan in 2023 to 666 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 19.8% [10]. - The net profit is expected to increase from 75 million yuan in 2023 to 125 million yuan in 2026, reflecting a CAGR of about 20.7% [10]. - The gross margin is forecasted to improve from 51.1% in 2023 to 51.5% in 2026, indicating a focus on high-margin products [10]. Revenue and Profitability - The company achieved a gross margin of 51.12% in 2023, which is 12.16 percentage points higher than its comparable company [9]. - The company’s earnings per share (EPS) is expected to rise from 0.28 yuan in 2023 to 0.47 yuan in 2026 [10]. Market Position and Strategy - The company has a high customer concentration, with the top five customers accounting for 75.65% of total revenue, indicating a strong reliance on key clients [9]. - The company plans to enhance its market development efforts, particularly in the Yangtze River Delta and Pearl River Delta regions, to secure new orders in high-end testing services [9].
23年报符合预期，股权激励完成，销售和研发更加进取