业绩高增长，持续高研发拓展新产品

Investment Rating - The report maintains a "Buy" rating for the company [45]. Core Insights - The company achieved a revenue of 1.3 billion RMB in 2023, representing a year-on-year growth of 66.5%, with a net profit of 611 million RMB, up 101.5% year-on-year [46][61]. - The demand for military simulation chips remains strong, and the company is actively leveraging its core product advantages while expanding its product offerings, resulting in significant growth in sales [47][61]. - The company anticipates a revenue growth of 15% and a profit growth of 10% in 2024, with a focus on maintaining steady growth [47]. Summary by Sections Event Description - The company reported a revenue of 1.3 billion RMB in 2023, a 66.5% increase year-on-year, and a net profit of 611 million RMB, which is a 101.5% increase year-on-year. The fourth quarter revenue was 320 million RMB, up 58.2% year-on-year [46][61]. - The company is expanding into new product categories such as MCU and radiation-resistant components, achieving accelerated growth in performance [47][61]. Financial Performance - The gross margin for 2023 was 74.5%, a decrease of 2.9 percentage points year-on-year, while the net profit margin improved to 47.1%, an increase of 8.2 percentage points year-on-year [65][70]. - The company has maintained a high R&D expense ratio of 11.8%, indicating a commitment to innovation and product development [47][70]. Capacity Expansion and Efficiency - The company has increased its fixed assets to 230 million RMB, a 179.2% increase from the beginning of the year, and has completed the first phase of its packaging and testing project [47][81]. - The company is actively managing costs, with a significant reduction in management and sales expense ratios, contributing to improved net profit margins [65][70]. Profit Forecast and Valuation - The company is expected to achieve net profits of 700 million RMB, 910 million RMB, and 1.15 billion RMB for the years 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 15.5%, 28.4%, and 27.0% [48][183].