Investment Rating - The report maintains a "Recommended" rating for the company, considering its technological advantages and future industry growth potential [1]. Core Insights - The company reported a revenue of 889 million yuan for 2023, a year-over-year increase of 3.0%, and a net profit attributable to shareholders of 310 million yuan, up 10.1% year-over-year. For Q1 2024, revenue reached 360 million yuan, reflecting a significant year-over-year growth of 47.3% [1]. - The company focuses on millimeter-wave microsystems, particularly in the precision guidance sector, and aims to promote low-cost, large-scale applications of its products [1]. - The company achieved a net profit growth of 37% in Q4 2023, with a gross margin increase of 7.4 percentage points to 52.2% for the year [1]. Financial Performance Summary - In 2023, the precision guidance segment generated 850 million yuan in revenue, a slight decrease of 0.4% year-over-year, while the communication data chain segment saw a remarkable revenue increase of 788.5% to 20 million yuan [1]. - The company implemented stock incentives to strengthen its talent pool, granting 8 million restricted shares to 162 individuals, representing 4.59% of the total share capital [1]. - The company reported a significant increase in contract liabilities, which grew by 145% in 2023, and a substantial increase in operating cash flow, which rose by 3475.9% year-over-year to 800 million yuan [1]. Future Projections - The company forecasts net profits of 360 million yuan, 423 million yuan, and 495 million yuan for 2024, 2025, and 2026, respectively [1]. - The current stock price corresponds to price-to-earnings ratios of 22x, 19x, and 16x for the years 2024, 2025, and 2026 [1].
2023年年报及2024年一季报点评：坚持聚焦毫米波微系统；4Q23净利润增长37%