研发不断夯实，新行业拓展初显成效

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][8]. Core Views - The company reported a revenue of 416 million yuan in 2023, representing a year-on-year growth of 17.18%. However, the net profit attributable to shareholders decreased by 38.23% to 28 million yuan [5][8]. - The company has made progress in new product and industry promotion, with significant revenue growth in the semiconductor sector, which increased by 842.51% in 2023, indicating initial success in expanding into new industries [6][8]. - The overall gross margin for the company was 43.79%, a decrease of 3.92 percentage points year-on-year, primarily due to rising raw material costs and increased depreciation from new production lines [6][8]. Financial Performance Summary - In Q4 2023, the company achieved a revenue of 116 million yuan, a year-on-year increase of 9.5%, but the net profit dropped by 91.07% to 1 million yuan [5][6]. - For Q1 2024, the company reported a revenue of 105 million yuan, a year-on-year growth of 9.19%, while the net profit decreased by 10.05% to 12 million yuan [5][6]. - The company’s R&D expenses accounted for 12.6% of total expenses in 2023, reflecting a commitment to enhancing R&D capabilities [7][8]. Revenue and Profit Forecast - The company is projected to achieve revenues of 473 million yuan, 539 million yuan, and 623 million yuan for 2024, 2025, and 2026, respectively, with growth rates of 13.7%, 13.9%, and 15.5% [8][10]. - The net profit attributable to shareholders is expected to be 41 million yuan, 52 million yuan, and 69 million yuan for the same years, with growth rates of 47.3%, 29.2%, and 31.5% [8][10].