UNI-T(688628) 国元证券·2024-04-26 01:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% compared to the Shanghai Composite Index within the next six months [5][11]. Core Insights - The company reported a revenue of 1.02 billion yuan for 2023, representing a year-on-year growth of 14.44%. The net profit attributable to shareholders was 161.39 million yuan, with a growth of 37.46% year-on-year [5]. - In Q1 2024, the company achieved a revenue of 284 million yuan, a year-on-year increase of 19.40%, with net profits of 55 million yuan, reflecting a growth of 33.61% [5]. - The general instruments segment contributed significantly to revenue, with a total revenue of 609 million yuan, accounting for 59.68% of total revenue [5]. - The company has shown a strong improvement in profitability, with gross margins increasing to 43.32% in 2023 and 44.42% in Q1 2024 [5]. Summary by Sections Financial Performance - 2023 revenue: 1.02 billion yuan, up 14.44% YoY - 2023 net profit: 161.39 million yuan, up 37.46% YoY - Q1 2024 revenue: 284 million yuan, up 19.40% YoY - Q1 2024 net profit: 55 million yuan, up 33.61% YoY [5]. Product Contribution - Revenue breakdown for 2023: General instruments (609 million yuan), Temperature and environmental testing instruments (220 million yuan), Testing instruments (135 million yuan), Professional instruments (53 million yuan) [5]. - Domestic sales accounted for 41.52% of total revenue, while overseas sales made up 58.48%, both showing stable growth [5]. Profitability Metrics - 2023 gross margin: 43.32%, up 7.06 percentage points YoY - 2023 net profit margin: 15.82%, up 2.65 percentage points YoY - Q1 2024 gross margin: 44.42%, up 3.14 percentage points YoY - Q1 2024 net profit margin: 19.24%, up 2.05 percentage points YoY [5]. Future Projections - Expected revenue for 2024-2026: 1.21 billion yuan (2024), 1.43 billion yuan (2025), 1.67 billion yuan (2026) - Expected net profit for 2024-2026: 220.93 million yuan (2024), 279.02 million yuan (2025), 339.98 million yuan (2026) - Projected EPS for 2024-2026: 1.99 yuan (2024), 2.52 yuan (2025), 3.07 yuan (2026) [5].