多业务齐发力，业绩稳健增长，盈利能力持续提升

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company has shown stable growth in performance despite a decline in overall revenue, with a significant increase in net profit and operating cash flow [6][7]. - The report highlights the company's diverse business segments, with notable growth in the sensing business, while the communication segment has negatively impacted overall revenue [7]. - The company is focusing on key industries such as new energy and intelligent manufacturing, which are expected to drive future growth [7]. Summary by Sections Market Data - Closing price: 31.47 CNY - One-year high/low: 46.39/22.96 CNY - Market capitalization: 31,627 million CNY [2]. Financial Data - As of December 31, 2023, the company reported a net asset value per share of 9.11 CNY and a debt-to-asset ratio of 47.28% [3]. - Total shares: 1,006 million, with 1,005 million circulating A shares [3]. Performance Overview - In 2023, the company achieved an operating revenue of 10,208 million CNY, a year-on-year decline of 15.01%, while net profit increased by 11.14% to 1,007 million CNY [6][9]. - The operating cash flow saw a significant increase of 155.12%, reaching 1,478 million CNY [6]. Business Segment Analysis - Laser processing equipment and intelligent manufacturing: Revenue of 3,190 million CNY, down 3.00% year-on-year. - Sensitive components: Revenue of 3,248 million CNY, up 40.02% year-on-year, driven by growth in the new energy vehicle PTC thermal management system [7]. - Optoelectronic devices: Revenue of 3,110 million CNY, down 45.52% year-on-year, primarily due to the impact of the 5G construction cycle [7]. - Laser holographic film products: Revenue of 501 million CNY, down 12.63% year-on-year [7]. Profitability and Forecast - The company's gross profit margin improved to 23.11% in 2023, up 3.95% from 2022 [7]. - Future profit forecasts for 2024-2026 are adjusted to 1,268 million CNY, 1,606 million CNY, and 2,007 million CNY, respectively, with corresponding PE ratios of 25, 20, and 16 [8][9].