2023年报及2024年一季报点评：“多物理量传感器森林”加速成长，24年有望“叶茂枝繁”

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 40.8 yuan [18]. Core Insights - The company reported a revenue of 1.072 billion yuan in 2023, a year-on-year increase of 1.10%, and a net profit attributable to shareholders of 312 million yuan, up 20.11% year-on-year. For Q1 2024, revenue reached 248 million yuan, reflecting a 12.89% year-on-year growth, while net profit decreased by 23.13% to 43 million yuan [1][3]. - The company achieved a record high gross margin of 43.05% in 2023, with a net margin of 31.27%, both showing improvements from the previous year. The gross margin for Q1 2024 was 43.36%, indicating continued positive trends [1][3]. - The company has restructured its business into four main segments, with mechanical sensors and instruments generating 663 million yuan in revenue, a 1.20% increase year-on-year, and a gross margin of 41.39% [1][3]. Financial Summary - The company forecasts revenues of 1.254 billion yuan, 1.546 billion yuan, and 1.933 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 17.0%, 23.2%, and 25.1% [4]. - Net profit is projected to be 383 million yuan, 483 million yuan, and 606 million yuan for the same years, with growth rates of 22.7%, 25.8%, and 25.7% [4]. - Earnings per share (EPS) are expected to be 1.36 yuan, 1.71 yuan, and 2.15 yuan for 2024, 2025, and 2026, respectively [4]. Strategic Developments - The company is focusing on developing a multi-physical quantity sensor ecosystem, having made strategic investments in 11 projects to enhance its sensor capabilities across various domains [1][3]. - The "KMS Group Management System" is being implemented to strengthen the company's operational efficiency and reduce failure rates in its strategic initiatives [1][3].