ConST(SZ:300445) Huaan Securities·2024-05-05 05:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's 2023 performance met expectations, with a strong profit performance in Q1 2024 [2] - The company achieved a revenue of 498.3 million yuan in 2023, representing a year-on-year growth of 20.36%; net profit attributable to shareholders was 102 million yuan, up 35.05% [2][8] - The high-performance pressure sensors are about to be mass-produced, which is expected to further enhance profitability [2] - The SaaS cloud platform business is poised to become the company's second growth curve, with sales revenue of 25.17 million yuan in 2023, a year-on-year increase of 44.4% [2] Financial Performance Summary - 2023 revenue: 498.3 million yuan, with a year-on-year growth of 20.36% [8] - 2023 net profit attributable to shareholders: 102 million yuan, a year-on-year increase of 35.05% [8] - 2024 revenue forecast: 601 million yuan, with a projected growth rate of 20.6% [8] - 2024 net profit forecast: 130 million yuan, with a projected growth rate of 27.5% [8] - 2024-2026 projected EPS: 0.61, 0.78, 1.01 yuan respectively [2][8] Business Development - The company has launched the "Pressure and Temperature Detection Instrument Intelligent Manufacturing Project" and "Intelligent Calibration Product R&D Center Project," which are expected to lower comprehensive costs [2] - The digital platform is in its first decade of development, providing integrated testing solutions and aiming to transition from local deployment to lightweight cloud services [2]