AUTEK(SZ:300595) Guotai Junan Securities·2024-04-01 16:00Investment Rating - The report maintains a cautious buy rating for the company, with a target price adjusted to 20.64 yuan, down from the previous forecast of 27.30 yuan [1][2]. Core Insights - The company's performance met expectations, with a revenue of 17.37 billion yuan in 2023, reflecting a year-on-year increase of 13.89%. The net profit reached 6.67 billion yuan, up by 6.85% [1][2]. - The report highlights that the company's proactive marketing strategies have contributed to a recovery in sales growth, particularly in the fourth quarter [1][2]. - The company is expected to benefit from investments in medical equipment and optical terminals, which are anticipated to drive long-term growth [1][2]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 17.37 billion yuan, with a net profit of 6.67 billion yuan. The fourth quarter saw a revenue of 4.21 billion yuan, marking a 33.84% increase [1][2]. - The report projects earnings per share (EPS) for 2024 and 2025 at 0.86 yuan and 1.14 yuan, respectively [1][2]. Market Position and Strategy - The company has implemented various marketing measures, including package deals and specialized lenses, to enhance sales and reduce delivery times, which have shown effective results [1][2]. - The report notes that the competitive landscape for optical products is intensifying, prompting a downward adjustment in earnings forecasts [1][2]. Future Outlook - The company is expected to maintain steady growth, supported by ongoing investments in technology and product development [1][2]. - The financial forecasts indicate a gradual increase in revenue and profit margins, with a projected revenue of 2.021 billion yuan for 2024 [2].