业绩阶段性承压，静候订单回暖

Investment Rating - The report maintains a "Buy" rating for the company [2][24]. Core Views - The company reported a revenue of 7.79 billion RMB in 2023, a year-on-year increase of 7.2%, and a net profit attributable to the parent company of 2.68 billion RMB, up 12.6% year-on-year. However, Q1 2024 saw a significant decline in revenue and net profit due to order delays in the military electronics sector [2][8][24]. - The company is a leader in military electronic components and is expected to benefit from long-term demand driven by accelerated deployment of new equipment and upgrades of traditional equipment, despite facing short-term pressures from cost control and order delays [2][3][24]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 77.9 billion RMB, with a net profit of 26.8 billion RMB. Q4 2023 revenue was 17.6 billion RMB, and net profit was 6.2 billion RMB. However, Q1 2024 revenue dropped to 10.1 billion RMB, a decrease of 51.7% year-on-year, with net profit falling to 1.0 billion RMB, down 86.1% [2][8][24]. - The gross margin for 2023 was 59.3%, down 3.4 percentage points year-on-year, while the net profit margin was 34.4%, up 1.6 percentage points year-on-year. In Q1 2024, the gross margin fell to 47.6%, a decrease of 16.0 percentage points year-on-year, and the net profit margin dropped to 10.1%, down 24.9 percentage points year-on-year [14][24]. Capacity Expansion and Investment - The company has been gradually increasing its fixed assets, which reached 19.2 billion RMB in 2023, a 16.6% increase from the beginning of the year. The company plans to invest 1.0 billion RMB to enhance production capacity for circuit breakers and vacuum arc chambers, which is expected to generate an additional revenue of 164 million RMB annually [18][24]. - The company is focusing on digital transformation and lean production through "Industrial Internet + Intelligent Manufacturing" initiatives to improve production efficiency [2][18]. Profitability Forecast - The company forecasts net profits of 16.1 billion RMB, 19.7 billion RMB, and 24.2 billion RMB for 2024, 2025, and 2026, respectively, with year-on-year changes of -40.1%, +22.6%, and +22.9%. The corresponding price-to-earnings ratios are projected to be 18, 14, and 12 times [3][24].