Investment Rating - The investment rating for the company is "Buy" [18] Core Views - The company achieved a revenue growth of 68% in 2023, with a strong performance continuing into Q1 2024. The revenue for 2023 was 1.017 billion yuan, up 67.51%, and the net profit attributable to shareholders was 272 million yuan, up 40.07% [2][5] - The business model of "technology transformation + entrusted development + equity sharing" has been continuously strengthened, leading to a substantial increase in new orders and revenue [5][16] - The company has a robust order backlog, with new orders growing rapidly, totaling 1.36 billion yuan in 2023, a year-on-year increase of 35.1% [16][39] Financial Performance Summary - Revenue and Profit Forecasts: - 2024 revenue is projected at 1.375 billion yuan, a 35% increase year-on-year, with net profit expected to reach 377 million yuan, a 39% increase [3][15] - Revenue forecasts for 2025 and 2026 are 1.797 billion yuan and 2.294 billion yuan, respectively, with year-on-year growth rates of 31% and 28% [3][15] - Quarterly Performance: - Q4 2023 revenue was 304 million yuan, up 62.66%, with a net profit of 70 million yuan, up 44% [2][5] - Q1 2024 revenue was 216 million yuan, up 34.04%, with a net profit of 50 million yuan, up 42.06% [2][5] - Key Financial Metrics: - The company’s gross margin for 2023 was 65.53%, with a net profit margin of 26.73% [25] - The projected PE ratios for 2024, 2025, and 2026 are 20x, 15x, and 12x, respectively [3][15] Business Model and Order Growth - The self-developed technology transformation business accounted for 38.6% of total revenue in 2023, with a revenue increase of 77.7% [16][22] - The company has enhanced its order acceptance and execution capabilities by relocating to a new R&D headquarters, which has expanded its laboratory and technical team [16][39]
2023年营收增长68%，新签订单快速增长