Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company reported a revenue of 1.06 billion yuan in 2023, a year-on-year increase of 40.41%, but the net profit attributable to shareholders decreased by 23.94% to 117 million yuan [1]. - The company is positioned as a leader in the electric fuse market, with significant growth potential in the electric vehicle (EV) sector and overseas expansion opportunities [1]. - The company is expected to achieve revenues of 1.50 billion yuan, 2.06 billion yuan, and 2.75 billion yuan for 2024, 2025, and 2026, respectively, with corresponding growth rates of 41.6%, 37.4%, and 33.3% [1][5]. Financial Performance Summary - In Q4 2023, the company achieved a revenue of 302 million yuan, a year-on-year increase of 11.43%, while the net profit decreased by 46.60% to 32 million yuan [1]. - For Q1 2024, the revenue was 269 million yuan, up 16.10% year-on-year, with a net profit of 27 million yuan, down 17.31% [1]. - The overall gross margin for 2023 was 40.89%, a decrease of 1.04 percentage points year-on-year, primarily due to changes in product revenue structure [1]. Market Position and Growth Potential - The company has a leading advantage in the downstream sectors of new energy vehicles and wind-solar storage, with revenues of 596 million yuan and 345 million yuan, respectively, in 2023 [1]. - The company has established partnerships with major domestic and international automotive manufacturers, including SAIC Volkswagen and Tesla [1]. - New product developments are underway, including a focus on the lightning protection market and surface mount technology products, with plans for significant market share growth in 2024 [1].
2023年年报及2024年一季报点评：23年业绩承压，静待海外收获