Apex(SH:603383) ZHONGTAI SECURITIES·2024-04-18 01:00Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 34.85 [7]. Core Insights - The company achieved a revenue of 744 million yuan in 2023, representing a year-on-year growth of 19.10%. The net profit attributable to the parent company was 233 million yuan, up 40.49% year-on-year [19]. - The company continues to strengthen its competitive advantage with core products, particularly the A5 and HTS series, which have expanded their market presence and application scope [10][11]. - The gross profit margin improved to 69.16% in 2023, an increase of 1.70 percentage points compared to the previous year, with specific improvements in the custom software and operation service segments [20]. Financial Summary - Revenue projections for 2024-2026 are estimated at 831 million, 937 million, and 1,065 million yuan, respectively, with corresponding net profits of 271 million, 319 million, and 376 million yuan [21]. - The company’s earnings per share (EPS) are projected to grow from 1.36 yuan in 2024 to 2.20 yuan in 2026, reflecting a strong growth trajectory [21]. - The report highlights a decrease in management and R&D expense ratios, contributing to improved profitability [20].