2023年报点评：工业过程分析业务高增，高分红比例延续

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 10.78 yuan, indicating a potential upside of 51% from the current price of 7.14 yuan [1][13][24]. Core Insights - The company's industrial process analysis business has shown significant growth, contributing to a slight increase in revenue, although overall performance was slightly below expectations due to factors such as reduced government subsidies and increased operating costs [19][34]. - The company has a strong commitment to high dividend payouts, with a dividend payout ratio of 92% in 2023, reflecting a tradition of high dividends over the past two years [20][21]. - The company has successfully expanded its overseas business, achieving a 24% year-on-year increase in overseas revenue, driven by strategic acquisitions and partnerships in key markets [23][38]. Summary by Sections Financial Performance - In 2023, the company reported revenue of 15.10 billion yuan, a year-on-year increase of 0.37%, while net profit decreased by 28.51% to 2.03 billion yuan [19]. - The industrial process analysis system generated revenue of 2.44 billion yuan, marking a year-on-year growth of 42.16% [7][34]. Dividend Policy - The company has maintained a high dividend policy, with cash dividends of 1.88 billion yuan planned for 2023, resulting in a dividend yield of 4.32% over the past three years [8][20]. Business Expansion - The company has made significant strides in expanding its overseas operations, with a focus on high-end analytical instruments for various industries, including semiconductors and petrochemicals [23][38]. - The company has established strategic partnerships with leading firms in the semiconductor and petrochemical sectors, enhancing its market presence [7][13]. Valuation and Comparables - The report uses a PE valuation method, comparing the company to peers in the analytical instrument sector, and sets a target price based on a weighted average PE of 24.5 for 2025 [40][41].