Investment Rating - The report assigns a rating of "Accumulate" with a target price adjusted to 24.50 yuan based on a 49x PE valuation for comparable companies in 2024 [2][10][13]. Core Insights - The company faced significant pressure in 2023, with revenue declining by 20% year-on-year to 400 million yuan, and a net loss attributable to shareholders of 12.93 million yuan, a 123% decrease compared to the previous year [1][4]. - The decline in revenue is attributed to weak consumer demand for upgraded products amid a global economic downturn, particularly affecting the sales of consumer electronics [1]. - The company is actively exploring new application scenarios to mitigate the impact of short-term demand pressures in consumer products, including launching smart wearable air conditioning products [1]. - As a pioneer in high-end TEC, the company is positioned to benefit from the booming market for high-speed optical modules, having achieved mass production of micro thermoelectric coolers for 5G optical modules [1]. Financial Summary - Revenue for 2023 is projected at 400 million yuan, with a year-on-year decline of 20.2%. The company anticipates a return to growth in 2024 with a projected revenue increase of 25.1% to 500 million yuan [4][29]. - The gross margin is expected to remain relatively stable at 25.5% in 2023, slightly down from 26.1% in 2022 [4]. - The earnings per share (EPS) forecast for 2023 is -0.14 yuan, with a recovery expected in 2024 and 2025 to 0.50 yuan and 0.71 yuan, respectively [2][13].
动态跟踪:23年业绩承压,Micro TEC持续放量