2023年年报点评报告：逆周期加大战略投入，股权激励彰显发展信心

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 472 million yuan for 2023, a year-on-year decrease of 27.47%, and a net profit attributable to shareholders of 29 million yuan, down 81.44% year-on-year [3] - The company has launched a stock incentive plan involving 2.7623 million restricted shares, accounting for 3.42% of the total share capital, with revenue targets set for 2024-2026 at 590 million, 679 million, and 746 million yuan respectively [3][9] - Despite the ongoing downturn in the consumer electronics industry, the company is increasing strategic investments in product categories, R&D, and marketing to strengthen its competitive position [5][6] Summary by Sections Recent Performance - The company has seen a significant decline in revenue and profit due to reduced demand from international clients and supply chain manufacturers, leading to a decrease in product shipments [5][6] - The stock has experienced a price range of 24.12 to 57.24 yuan over the past 52 weeks, with a current price of 30.28 yuan [5] Strategic Initiatives - The company is focusing on expanding its product offerings and enhancing R&D capabilities, with R&D expenses reaching 21.22% of revenue and marketing expenses at 27.71% in 2023 [5][6] - The company has successfully developed new products, including high-precision machines and laser equipment, and is actively pursuing new clients in the automotive electronics and semiconductor sectors [6][21] Financial Projections - The company expects revenues to grow to 651 million, 851 million, and 1.106 billion yuan in 2024, 2025, and 2026 respectively, with corresponding net profits of 96 million, 125 million, and 202 million yuan [22][23] - The projected P/E ratios for the next three years are 24X, 19X, and 11X, indicating a positive outlook for long-term growth and short-term performance recovery [22][23]