UNI-T(SH:688628) Guohai Securities·2024-04-21 15:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][9] Core Views - The company has achieved significant revenue growth, with a 14.44% year-on-year increase in 2023, reaching 1.02 billion yuan, and a 19.40% increase in Q1 2024, reaching 284 million yuan [3][4] - The company's net profit for 2023 was 161 million yuan, a 37.46% increase year-on-year, and for Q1 2024, it was 54.61 million yuan, a 33.61% increase [3][4] - The company is focusing on high-end product development and has increased R&D investment by 45% in 2023, amounting to 104 million yuan, which represents 10.17% of its revenue [2][4][6] - The gross margin for 2023 was 43.32%, improving by 7.06 percentage points year-on-year, and it further increased to 44.42% in Q1 2024 [4][6] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 1.02 billion yuan, with a net profit of 161 million yuan [3] - For Q1 2024, revenue was 284 million yuan, with a net profit of 54.61 million yuan [3] Profitability - The gross margin for 2023 was 43.32%, and the net profit margin was 15.52% [4] - In Q1 2024, the gross margin increased to 44.42%, and the net profit margin rose to 18.94% [4] R&D and Product Development - The company has increased its R&D expenditure significantly, with a focus on high-end products, launching several new products including a 26.5GHz signal analyzer [2][4] - The number of R&D personnel increased by 25% to 289, representing 29% of the total workforce [2] Market Expansion - The company has expanded its global market presence, with overseas sales growing by 17.78% [19][21] - Sales expenses increased by 56% in 2023, reflecting enhanced marketing efforts and an expanded sales team [19]