业绩保持快速增长，卫导赋能低空经济

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [11][8]. Core Insights - The company reported a revenue of 2.678 billion yuan in 2023, representing a year-on-year growth of 19.77%, and a net profit of 449 million yuan, up 24.32% year-on-year. For Q1 2024, revenue reached 617 million yuan, a 20.53% increase year-on-year, with a net profit of 103 million yuan, growing 30.35% year-on-year [3][6]. - The company is increasing its R&D investment, which amounted to 460 million yuan in 2023, a 14.66% increase year-on-year, accounting for 17.25% of revenue. This investment focuses on high-precision positioning chips and autonomous driving products [4][5]. - The company is expanding its overseas business rapidly, with foreign revenue reaching 720 million yuan in 2023, a 47.51% increase year-on-year, contributing to 26.85% of total revenue [23]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 2.678 billion yuan and a net profit of 449 million yuan, with projections for 2024-2026 showing net profits of 576 million yuan, 763 million yuan, and 941 million yuan respectively [6][31]. - The gross margin for 2023 was 57.8%, with a net margin of 16.57%, indicating improved profitability [14]. R&D and Competitive Position - The company has established five R&D bases in China and the UK, employing 615 R&D personnel, which is 33.35% of its total workforce. The focus is on developing core technologies in high-precision GNSS algorithms and enhancing its product offerings [5][6]. Market Expansion - The company is actively pursuing new business models, including SaaS subscription services, and is well-positioned to benefit from the growing demand for high-precision navigation in traditional industries and emerging markets like low-altitude economy [6][23].