2023年年报&2024年一季报点评：Q1业绩短期承压，3C领域竞争优势突出

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expected relative price increase of 5% to 15% over the next six months [4][5]. Core Views - The company's performance in 2023 showed steady growth, with revenue reaching 4.84 billion yuan, a year-on-year increase of 0.59%, and a net profit attributable to shareholders of 390 million yuan, up 17.80% year-on-year. However, Q1 2024 performance is under pressure, with revenue of 743 million yuan, down 15.88% year-on-year, primarily due to delayed project confirmations and upfront costs [5][6]. - The company has a strong competitive advantage in the 3C sector, with new product sales achieving breakthroughs and successful deliveries of flexible modular production lines and MR equipment [5][6]. - The company is expanding into new fields such as semiconductors, low-altitude economy, and transmission electron microscopes, with significant orders and product developments underway [5][6]. Financial Summary - Revenue and Profit Forecasts: The company forecasts revenues of 5.66 billion yuan for 2024, 6.68 billion yuan for 2025, and 7.88 billion yuan for 2026, with net profits projected at 492 million yuan, 609 million yuan, and 731 million yuan respectively [5][6]. - Profitability Metrics: The gross profit margin for 2023 was 33.8%, an increase of 1.5 percentage points year-on-year. The net profit margin reached 7.94%, up 1.1 percentage points year-on-year [6][5]. - Valuation Metrics: The current price-to-earnings (P/E) ratio is projected to be 20 for 2024, 16 for 2025, and 13 for 2026, reflecting the company's growth potential [5][6].