Investment Rating - The investment rating for the company is "Buy" (maintained) [9]. Core Views - The company's 2023 profit faced short-term pressure, but a steady long-term development is anticipated [9]. - The company achieved an operating revenue of 746.6 million yuan in 2023, representing a year-on-year growth of 19.36%, while the net profit attributable to shareholders decreased by 10.55% to 79.89 million yuan [9][10]. - The company is focusing on enhancing its research and development and lean production management, with a continuous increase in high-quality customers [9]. - The company is expanding its sensor product system, particularly in MEMS technology and glass micro-melting products, which are expected to be beneficial in the automotive and smart manufacturing sectors [9][10]. Financial Summary - The projected financial indicators for 2023 to 2026 are as follows: - Operating revenue: 746.6 million yuan (2023), 952.8 million yuan (2024E), 1,192.8 million yuan (2025E), 1,450.0 million yuan (2026E) [3][10]. - Net profit attributable to the parent company: 80 million yuan (2023), 105 million yuan (2024E), 145 million yuan (2025E), 192 million yuan (2026E) [3][10]. - Gross margin is expected to remain stable around 31.5% to 31.8% over the forecast period [3][10]. - The company's P/E ratio is projected to decrease from 49.73 in 2023 to 20.75 in 2026, indicating an improving valuation [3][10]. Business Development - The company is successfully transitioning from household temperature sensors to automotive pressure sensors, gaining high-quality clients in the automotive industry, including major manufacturers and Tier 1 suppliers [9][10]. - The company is expected to benefit from the government's policies promoting the replacement of old equipment, which will positively impact its traditional temperature sensor business [9][10].
发力玻璃微熔压力传感器，头部客户数量持续增加