24Q1业绩高增，市场前景可观

Investment Rating - The report maintains a "Hold" rating for the company, with a current price of 11.36 CNY and a target price not specified for the next six months [25]. Core Views - The company reported a revenue of 1.02 billion CNY in 2023, a year-on-year increase of 1.4%, while the net profit attributable to shareholders decreased by 11.4% to 150 million CNY. The fourth quarter showed significant growth, with a revenue of 360 million CNY, up 33.5% year-on-year and 60.2% quarter-on-quarter [25]. - The company is focusing on global expansion, with overseas sales accounting for 89% of total revenue, showing a 6.1% increase year-on-year, while domestic sales fell by 25.4% [25]. - The gross profit margin for 2023 was 40.4%, an increase of 5.7% year-on-year, indicating improved profitability [26]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.02 billion CNY, with a net profit of 150 million CNY, reflecting a decline in profitability. However, Q4 performance was strong, with a revenue of 360 million CNY and a net profit of 50 million CNY, marking significant growth [25][26]. - The company’s revenue is projected to grow significantly in the coming years, with estimates of 1.02 billion CNY in 2023, 1.35 billion CNY in 2024, and reaching 2.11 billion CNY by 2026 [27]. Market Outlook - The global IoT market is expected to grow from 483.28 billion USD in 2022 to 2,270.42 billion USD by 2028, with a compound annual growth rate (CAGR) of 29.4%. The integration of AI and IoT is anticipated to drive new developments in the industry [26]. - The company is well-positioned to benefit from the expanding global IoT market, supported by its overseas sales network and compliance with international safety standards [26]. Profitability and Cost Management - The company has maintained a high level of investment in R&D, with expenses amounting to 121 million CNY, representing 12% of revenue. This focus on innovation is supported by a strong team of R&D personnel [26]. - The report highlights effective cost management, with sales, management, and financial expense ratios showing controlled increases [26].