Investment Rating - The investment rating for the company is "Accumulate" [4]. Core Views - The company achieved a revenue of 886 million yuan in 2023, representing a year-on-year growth of 2.97%, and a net profit attributable to shareholders of 305 million yuan, up 10.10% year-on-year [6][7]. - The company is focusing on enhancing its core technology research and development, leading to the development of high-integration, miniaturized, and low-cost products [6]. - The company has implemented an employee stock ownership plan to improve incentive mechanisms, which is expected to align the interests of shareholders, the company, and management [13]. Financial Summary - Revenue Forecast: The company forecasts revenues of 1,028 million yuan in 2024, 1,198 million yuan in 2025, and 1,403 million yuan in 2026, with growth rates of 16.09%, 16.53%, and 17.07% respectively [6]. - Net Profit Forecast: The net profit attributable to shareholders is projected to be 360 million yuan in 2024, 421 million yuan in 2025, and 491 million yuan in 2026, with growth rates of 18.04%, 16.89%, and 16.62% respectively [6][13]. - Earnings Per Share (EPS): The EPS is expected to be 2.06 yuan in 2024, 2.41 yuan in 2025, and 2.81 yuan in 2026 [6]. - P/E Ratio: The P/E ratio is projected to decrease from 24.29 in 2024 to 17.82 in 2026 [6]. Market Data - The closing price of the company's stock is 50.02 yuan, with a market capitalization of approximately 8.75 billion yuan [10]. - The company has a price-to-book ratio of 3.29 [10]. - The company’s total assets are projected to reach 6.56 billion yuan by 2026 [6].
2023年年报点评：落实员工持股计划，下游需求有望提升