23年业绩恢复增长，未来内生+外延模式发展

Investment Rating - The report maintains a rating of "Accumulate" for the company, with a target price set at 13.04 CNY per share [29]. Core Insights - The company achieved a revenue of 1.57 million CNY in Q1 2024, a decrease of 25% year-on-year, and a net profit attributable to the parent company of -3.54 million CNY, a decline of 125% year-on-year, primarily due to a high revenue base from the previous year and increased R&D investments [1]. - The company is expected to utilize an "internal + external" growth model to enhance its business and market layout, aiming to increase its market share in niche sectors [2][28]. - In 2023, the company reported a revenue of 894 million CNY, a year-on-year increase of 24%, and a net profit of 36.29 million CNY, a year-on-year increase of 775%, aligning with prior forecasts [10]. Financial Data and Valuation - Revenue projections for the company are as follows: 1,014.39 million CNY in 2024E, 1,186.25 million CNY in 2025E, and 1,369.20 million CNY in 2026E, with growth rates of 13.50%, 16.94%, and 15.42% respectively [3]. - The net profit attributable to the parent company is projected to be 63.63 million CNY in 2024E, 89.26 million CNY in 2025E, and 121.90 million CNY in 2026E, with growth rates of 75.35%, 40.28%, and 36.57% respectively [3]. - The company's earnings per share (EPS) is expected to increase from 0.31 CNY in 2024E to 0.60 CNY in 2026E [3]. Business Performance - In 2023, the company saw significant growth in its business segments, with revenue from spectrometers reaching 526 million CNY, a year-on-year increase of 22%, and smart sensors generating 278 million CNY, a year-on-year increase of 36% [5]. - The company has been focusing on optimizing its business structure and increasing R&D investments to enhance product competitiveness and expand into new applications [10]. Research and Development - The company invested 85.83 million CNY in R&D in 2023, accounting for 10% of its revenue, and has developed several high-performance products that meet both domestic and international standards [11].