业绩维持高增，盈利能力改善明显

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on expected growth and market performance [4][18]. Core Insights - The company achieved a revenue of 679 million yuan in 2023, representing a year-on-year growth of 24.64%. The net profit attributable to shareholders was 164 million yuan, with a growth of 38.03% [7][9]. - The automotive testing sector is experiencing high demand, significantly contributing to the company's revenue growth. The revenue from automotive testing reached 272 million yuan, growing by 30.84% year-on-year [7][17]. - The company's overall gross margin improved by 1.96 percentage points to 59.10%, with the automotive testing segment achieving a gross margin of 72.09% [7][30]. Financial Summary - Revenue projections for 2024-2026 are 844 million yuan, 1.029 billion yuan, and 1.231 billion yuan, with growth rates of 24.29%, 21.90%, and 19.59% respectively [9][18]. - The net profit attributable to shareholders for the same period is projected to be 200 million yuan, 241 million yuan, and 287 million yuan, with growth rates of 21.98%, 20.56%, and 19.25% respectively [18][9]. - The company's PE ratio is expected to decrease from 23.59 in 2023 to 13.45 by 2026, indicating improving valuation metrics [9][18].