2023年年报点评：2023年利润高增，战略产品矩阵初显成效

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 20% in the next six months [10][26]. Core Insights - The company experienced significant profit growth in 2023, with a 41.46% year-on-year increase in net profit, reaching 215.17 million yuan [8][10]. - The strategic product matrix is taking shape, leading to a decrease in R&D expense ratio and a reduction in the impact of share-based payment amortization on net profit [2][9]. - The company’s gross margin improved by 1.11 percentage points to 41.66% in 2023, while the net profit margin increased by 3.49 percentage points to 13.06% [9]. Summary by Sections Financial Performance - The company achieved total revenue of 1.648 billion yuan in 2023, a 3.70% increase year-on-year, with Q4 revenue at 769 million yuan, down 2.17% year-on-year [8][10]. - The revenue breakdown by business segments includes: - Visual inspection equipment: 608 million yuan, up 14.64% [2]. - Visual measurement equipment: 538 million yuan, down 29.02% [2]. - Visual process equipment: 410 million yuan, up 68.01% [2]. - Intelligent driving solutions: 92 million yuan, up 61.94% [2]. Business Development - The company is expanding its product matrix, with new business areas such as domain controllers, PCB, photovoltaic, and semiconductor gradually ramping up [3]. - In intelligent driving, the company has secured two main factory clients for development and one for proof of concept, with mass production orders expected in 2024 [3][16]. - The PCB segment has developed four product series and is anticipated to grow rapidly [3]. - Progress in photovoltaic equipment is on track, with the first generation of copper plating graphic equipment delivered for customer trials by Q3 2023 [3]. Profitability Forecast - The company forecasts net profits of 274 million yuan, 332 million yuan, and 405 million yuan for 2024, 2025, and 2026, respectively, maintaining a compound annual growth rate of 23% [10][15]. - The expected earnings per share (EPS) for the next three years are projected to be 1.43 yuan, 1.73 yuan, and 2.10 yuan [10][15].