23年毛利率回升，但费用率与减值损失增长影响利润端表现

Investment Rating - The report assigns a rating of "Accumulate" to the company, with a target price of 17.4 CNY [1][11]. Core Insights - The company reported a revenue of 162 million CNY in 2023, reflecting an increase of 8.25% year-on-year, but incurred a net loss of 39 million CNY. The first quarter of 2024 showed a revenue of 33 million CNY, up 18.08% year-on-year, with a net loss of 5 million CNY [10][11]. - The overall gross margin improved by 9.04 percentage points to 35.17% in 2023, despite increased expense ratios and impairment losses impacting profit performance [10][11]. - The company has increased its fixed assets significantly, with a 110.59% rise to 210 million CNY by the end of 2023, primarily due to the conversion of construction in progress at its subsidiary [10][11]. - The company is focusing on enhancing product development efficiency and expanding its market presence, particularly in the civilian sector, which has shown steady growth [10][11]. Financial Summary - The company’s revenue is projected to grow significantly, with estimates of 281 million CNY in 2024, 400 million CNY in 2025, and 514 million CNY in 2026, indicating a year-on-year growth of 73.1% in 2024 [12]. - The earnings per share (EPS) are adjusted to 0.19 CNY for 2024, 0.58 CNY for 2025, and a new estimate of 0.80 CNY for 2026 [11][12]. - The gross margin is expected to reach 43.8% in 2024, 46.9% in 2025, and stabilize at 46.6% in 2026 [12].