Investment Rating - The report maintains a rating of "Accumulate" for the company [7]. Core Views - The company is experiencing short-term pressure on demand and performance, but is expected to recover growth in Q1 2024 [10]. - The company is a rare supplier of 200/400/800G copper cables, benefiting significantly from the development of AI [10]. - The industrial digital cable business has high technical barriers and is expected to become a new growth driver for the company [11]. - Profit forecasts for 2024-2026 estimate net profits of 135 million, 175 million, and 211 million yuan, corresponding to PE ratios of 72, 55, and 46 times based on the closing price on April 26 [11]. Financial Summary - In 2023, the company achieved revenue of 1.556 billion yuan, a year-on-year decrease of 3.45%, and a net profit of 98.15 million yuan, down 24.76% year-on-year [14]. - For Q1 2024, the company reported revenue of 36.9 million yuan, a year-on-year increase of 12.43%, and a net profit of 17.61 million yuan, up 11.91% year-on-year [14]. - The gross profit margin for 2023 was 15.07%, a decrease of 1.10 percentage points year-on-year [12]. - The company’s operating income is projected to grow at a CAGR of 16.8% from 2023 to 2024, with net profit expected to grow at a CAGR of 37.9% during the same period [8].
公司需求业绩短期承压，24Q1恢复增长