Investment Rating - The report maintains a "Buy" rating for the company [11][13][19] Core Views - The company achieved a significant year-on-year revenue growth of 50.2% in 2023, reaching 1.02 billion yuan, with a net profit of 203 million yuan, up 54.3% [15][19] - In Q4 2023, the company reported a revenue of 452 million yuan, representing a year-on-year increase of 77.2% and a quarter-on-quarter increase of 110.2% [15][19] - The overseas revenue for 2023 was 136 million yuan, a 94.5% increase year-on-year, accounting for 13.4% of total revenue [15][19] - The company faced pressure in Q1 2024 due to inventory destocking by downstream customers, resulting in a revenue of 143 million yuan, a year-on-year increase of 7.6% but a quarter-on-quarter decrease of 68.4% [5][19] Financial Performance Summary - The gross margin for 2023 was 48.1%, an increase of 5.9 percentage points year-on-year, driven by an improved product mix and a higher proportion of overseas sales [9][18] - The company’s expense ratio for 2023 was 26.3%, up 2.5 percentage points year-on-year, with significant increases in sales, management, and R&D expenses [18][19] - The forecast for net profit for 2024-2026 has been adjusted to 277 million, 417 million, and 612 million yuan respectively, with growth rates of 37%, 50%, and 47% [19][30]
2023年报和2024年一季报点评：23年业绩同比高增，24Q1业绩承压