完善新产品布局，拟定增扩产X线真空器件

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 260.12 CNY per share, compared to the current price of 206.98 CNY [3][8]. Core Insights - In 2023, the company reported a revenue of 1.864 billion CNY, a year-on-year increase of 20.31%, while the net profit attributable to shareholders was 607 million CNY, a decrease of 5.27% due to fair value changes in held stocks [1][2]. - The gross margin for 2023 was 57.84%, showing a slight increase of 0.50 percentage points year-on-year, although it decreased to 53.33% in Q1 2024 [1]. - The company has seen rapid revenue growth from new products, particularly in high-voltage generators and new sensor technologies, with revenues exceeding 415 million CNY [1]. - The company plans to expand its production capacity for X-ray vacuum devices, aiming to raise up to 1.45 billion CNY for this initiative [1]. Financial Summary - The company’s revenue is projected to grow from 2.377 billion CNY in 2024 to 3.647 billion CNY in 2026, with respective growth rates of 27.5% and 23.3% [2][7]. - The net profit is expected to increase from 884 million CNY in 2024 to 1.422 billion CNY in 2026, with growth rates of 45.6% and 26.2% [2][7]. - The earnings per share (EPS) is forecasted to rise from 8.67 CNY in 2024 to 13.94 CNY in 2026 [2][7]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 23.87 in 2024 to 14.85 in 2026, indicating a more attractive valuation over time [2][7].