电动&智能化持续赋能，收入利润再创历史新高

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 4.007 billion yuan for 2023, representing a year-on-year increase of 21.76%, and a net profit of 825 million yuan, up 19.75% year-on-year [1] - The first quarter of 2024 saw a revenue of 861 million yuan, a year-on-year increase of 21.83%, and a net profit of 164 million yuan, up 15.24% year-on-year, slightly exceeding expectations [1] - The company is expected to continue benefiting from the growth in electric and intelligent vehicle testing services, with significant investments in R&D [1][2] Financial Summary - Revenue Forecast: - 2023: 4,007 million yuan - 2024E: 4,764 million yuan (growth rate of 18.9%) - 2025E: 5,838 million yuan (growth rate of 22.5%) - 2026E: 7,005 million yuan (growth rate of 20.0%) [1][2] - Net Profit Forecast: - 2023: 825 million yuan - 2024E: 951 million yuan (growth rate of 15.2%) - 2025E: 1,226 million yuan (growth rate of 29.0%) - 2026E: 1,512 million yuan (growth rate of 23.3%) [1][2] - Earnings Per Share (EPS): - 2024E: 0.82 yuan - 2025E: 0.95 yuan - 2026E: 1.22 yuan [1][2] - Return on Equity (ROE): - 2023: 12% - 2024E: 12% - 2025E: 13.8% - 2026E: 14.5% [1][2] - Gross Margin: - 2023: 42.96% - 2024E: 43.7% - 2025E: 45.0% - 2026E: 45.7% [1][2] Business Segments - The automotive technology services segment achieved a revenue of 3.33 billion yuan in 2023, accounting for 82.61% of total revenue, with expectations for continued growth as the penetration of new energy vehicles increases [1] - The equipment manufacturing segment generated revenue of 697 million yuan, reflecting a year-on-year increase of 36.13% [1] Market Position - The company is one of the few third-party automotive testing companies in China with full licensing, enhancing its competitive edge in the market [1] - The company has made significant advancements in R&D, with a reported R&D expenditure of 277 million yuan, representing a 6.9% R&D expense ratio [1]