业绩高增38%符合预期，盈利质量持续优异

Investment Rating - The report maintains a "Buy" rating for the company [2][24]. Core Insights - The company achieved a revenue of 680 million yuan in 2023, a year-on-year increase of 25%, and a net profit attributable to shareholders of 160 million yuan, up 38% year-on-year, with a significant increase in profitability driven by rising gross margins and reduced operating expenses [1][12]. - The automotive testing segment showed strong growth, with revenue from automotive testing reaching 270 million yuan, a 31% increase year-on-year, benefiting from the rising penetration of new energy vehicles and increased R&D spending by automakers [1][12]. - The company is expanding its capacity in high-demand sectors such as new energy vehicles and military testing, with a total investment of 545 million yuan planned for new projects, which is expected to increase overall production capacity by 42% [1][12]. Financial Performance Summary - In 2023, the company reported a comprehensive gross margin of 59%, an increase of 2 percentage points year-on-year, with net profit margin rising to 24.07% [1][12]. - The company’s operating cash flow was a net inflow of 205 million yuan, reflecting a strong cash generation capability [1][12]. - Forecasted net profits for 2024-2026 are projected to be 220 million yuan, 270 million yuan, and 340 million yuan respectively, with corresponding EPS of 1.93 yuan, 2.41 yuan, and 3.02 yuan [1][12].