Raytron(SH:688002) Minsheng Securities·2024-04-23 04:30Investment Rating - The report maintains a "Recommended" rating for the company, considering its growth potential and technological barriers [1]. Core Insights - In 2023, the company achieved a revenue of 3.56 billion yuan, a year-over-year (YoY) increase of 34.5%, and a net profit attributable to shareholders of 500 million yuan, up 58.2% YoY. The performance aligns with market expectations [1]. - The company has a strong order backlog of 1.54 billion yuan, indicating robust downstream demand [1]. - The infrared thermal imaging segment saw revenue of 3.01 billion yuan, growing 34.6% YoY, while the microwave RF segment generated 400 million yuan, up 15.8% YoY [1]. - The company is expanding its presence in the precision guidance sector, with multiple projects transitioning to normal delivery and new projects entering mass production [1]. Financial Performance Summary - For 2023, the gross margin increased by 3.4 percentage points to 50.0%, and the net profit margin rose by 1.0 percentage point to 11.9% [1]. - The company reported a net cash flow from operating activities of 490 million yuan, a decrease of 1.9% YoY [1]. - The forecasted net profits for 2024, 2025, and 2026 are expected to be 672 million yuan, 908 million yuan, and 1.22 billion yuan, respectively, with corresponding price-to-earnings (PE) ratios of 20x, 14x, and 11x [1][8].