AI释放新需求，23Q4业绩高增

Investment Rating - The report gives a "Buy" rating for the company with a target price of 49.50 CNY, indicating a potential upside from the current price of 38.30 CNY [10][32]. Core Insights - The company reported a revenue of 885 million CNY in 2023, a decrease of 5.22% year-on-year, and a net profit attributable to shareholders of 155 million CNY, down 13.86% year-on-year. However, Q4 showed a strong recovery with a revenue of 262 million CNY, up 13.83% year-on-year and a net profit of 50 million CNY, up 69.74% year-on-year [10][31]. - The company is focusing on enhancing its product matrix and expanding its overseas market presence, including the establishment of a subsidiary in Vietnam to strengthen its international capacity [11][25]. Summary by Sections 1. Business Overview - The company specializes in optical devices and is one of the largest manufacturers of dense connection products globally. It has a diverse product line including ceramic ferrules, fiber optic connectors, and optical sensing products [67]. 2. Financial Analysis - The company's revenue from optical devices was 830 million CNY in 2023, down 7.9% year-on-year, while optical sensing products generated 10 million CNY, down 27.2% year-on-year. Other segments saw a revenue increase of 96.3% [31][58]. - The gross margin for optical devices decreased from 32.4% to 29.8% from 2019 to 2023, reflecting market challenges [75]. 3. Profit Forecast and Valuation - The forecasted EPS for 2024-2026 is 0.99 CNY, 1.24 CNY, and 1.55 CNY respectively, with a projected compound annual growth rate of 31.4% for net profit [32][58]. - The report anticipates a revenue growth of 40.12% in 2024, recovering from the decline in 2023 [58]. 4. Market Position - The company has maintained a strong focus on the overseas market, with export revenue consistently above 75% from 2019 to 2023. Domestic sales have increased from 8.9% to 23.9% during the same period, although domestic gross margins have room for improvement [77].