小功率市场国产替代空间巨大，高精尖领域不断突破

Investment Rating - The investment rating for the company is "Outperform the Market" [1][16]. Core Views - The company has experienced rapid growth in 2023, with revenue reaching 834 million yuan, a year-on-year increase of 43.97%, and net profit of 140 million yuan, up 104.23% [4][16]. - The growth is attributed to strong market demand from downstream customers and continuous new product launches, particularly in precision testing power supplies, special power supplies, and power quality products [4][16]. - The company has a strong competitive edge in low-voltage power quality control equipment, with a revenue of 54 million yuan in the first half of 2023, representing a year-on-year growth of 40.24% [5][16]. Financial Performance Summary - The company’s revenue and profit forecasts for 2023 to 2025 are as follows: - Revenue (in million yuan): 834 (2023), 1165 (2024), 1551 (2025) with year-on-year growth rates of 44.0%, 39.8%, and 33.1% respectively [6][26]. - Net profit (in million yuan): 140 (2023), 192 (2024), 250 (2025) with year-on-year growth rates of 104.2%, 36.6%, and 30.6% respectively [6][26]. - The company’s gross margin is projected to be 47.6% in 2023, slightly decreasing to 47.0% in 2024 and 47.3% in 2025 [6][26]. Business Segment Analysis - Testing Power Supplies: Revenue is expected to grow significantly, driven by the demand from the photovoltaic storage and electric vehicle sectors, with projected growth rates of 50%, 40%, and 30% from 2023 to 2025 [7][15]. - Power Quality Control Equipment: The company maintains a strong position in the low-voltage power quality product market, with expected revenue growth rates of 10%, 20%, and 20% from 2023 to 2025 [7][15]. - Special Power Supplies: The company is focusing on expanding into semiconductor and medical fields, with projected revenue growth rates of 75%, 60%, and 50% from 2023 to 2025 [7][15]. Valuation - The company is valued at a price-to-earnings (P/E) ratio of 24-26 times for 2024, with a corresponding reasonable value range of 55.76 to 60.40 yuan per share [16].