23年业绩实现翻倍增长，大力推进技术创新和新产品布局

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 124.32 CNY, based on a 37x PE ratio for 2024 [2][4]. Core Insights - The company achieved a revenue of 1.297 billion CNY in 2023, representing a year-on-year growth of 66.54%, and a net profit of 611 million CNY, which is a 101.51% increase [1]. - The company has significantly reduced its expense ratio to 19.28%, down 8.55 percentage points, while increasing its R&D investment [1]. - The company is positioned to benefit from the growth in the military amplifier sector, with a comprehensive product range and ongoing development of new products [1]. Financial Performance Summary - Revenue for 2023 was 1,297 million CNY, with a year-on-year growth of 66.5% [3]. - Net profit for 2023 was 611 million CNY, reflecting a 101.5% increase compared to the previous year [3]. - The company’s gross margin decreased to 74.5%, down 2.89 percentage points, while the net profit margin improved to 47.1% [3]. - EPS for 2023 was 3.05 CNY, with projections of 3.36 CNY for 2024 and 4.11 CNY for 2025 [3]. Asset and Inventory Management - Fixed assets increased by 179.19% to 228 million CNY by the end of 2023, primarily due to the completion of construction projects [1]. - Inventory at the end of 2023 was 696 million CNY, an increase of 8.21% from the beginning of the year [1]. Market Position and Growth Potential - The company is recognized as a leading supplier of high-reliability amplifiers in China, with a full range of product models and superior performance metrics [1]. - The military integrated circuit sector is expected to see significant growth, driven by increased production and domestic substitution [1]. - The company has launched nearly 100 new products and achieved substantial growth in new product orders, indicating a robust expansion strategy [1].