收购SMO赋能主业，短期业绩波动不改长期成长

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 561 million yuan for 2023, a year-on-year increase of 1.69%, while the net profit attributable to the parent company was 91 million yuan, down 28.76% year-on-year. The adjusted net profit was 71 million yuan, a decrease of 14.84% year-on-year. In Q4 2023, the company achieved a revenue of 177 million yuan, a year-on-year increase of 15.69%, with a net profit of 48 million yuan, up 137.15% year-on-year. For Q1 2024, the revenue was 137 million yuan, a year-on-year increase of 17.38%, but the net profit was a loss of 16 million yuan [2][6][16]. Summary by Sections Financial Performance - In 2023, the company's upstream revenue was 436 million yuan, down 4.59% year-on-year, while the midstream revenue was 121 million yuan, up 30.18% year-on-year. The semiconductor laser components and materials generated 229 million yuan, a slight increase of 0.19% year-on-year. The revenue from prefabricated gold-tin aluminum nitride substrate materials grew approximately fourfold, with a shipment volume of about 6 million units. The revenue from laser optical components was 207 million yuan, down 9.37% year-on-year, primarily due to macroeconomic impacts [8][15]. Market and Business Outlook - The company is focusing on the laser field and expanding its business around a three-ring strategy, with significant investments in medical health, laser radar, and the semiconductor sector. The company expects to see a gradual recovery in profitability following the acquisition of SMO, which is currently in a loss-making state. The projected EPS for 2024, 2025, and 2026 are 0.84 yuan, 1.67 yuan, and 2.52 yuan, respectively [16][17].