收入稳定增长，加速转型多物理量传感器平台

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 37.71 CNY per share based on a 28x PE valuation for 2024 [2][16]. Core Insights - The company has demonstrated stable revenue growth, achieving a revenue of 1.072 billion CNY in 2023, a year-on-year increase of 1.1%. The net profit attributable to the parent company reached 312 million CNY, up 20.1% year-on-year [2][47]. - The gross profit margin has increased for three consecutive years, reaching 43.05% in 2023, up 2.81 percentage points year-on-year. The net profit margin for the same year was 31.27%, an increase of 5.28 percentage points year-on-year [2]. - The company is actively pursuing mergers and acquisitions to transition into a platform-based enterprise focused on multi-physical quantity sensors, with plans to invest in 2-3 controlling and 3-4 minority stakes annually [2]. - The company is accelerating its layout in humanoid robot sensors, which is expected to open new growth avenues [2]. Financial Summary - Revenue (in million CNY): 2022A: 1,061; 2023A: 1,072; 2024E: 1,233; 2025E: 1,427; 2026E: 1,643 [5]. - Net Profit (in million CNY): 2022A: 260; 2023A: 312; 2024E: 380; 2025E: 468; 2026E: 550 [5]. - EPS (in CNY): 2022A: 0.92; 2023A: 1.10; 2024E: 1.35; 2025E: 1.66; 2026E: 1.95 [5]. - EBITDA (in million CNY): 2022A: 327; 2023A: 331; 2024E: 538; 2025E: 645; 2026E: 751 [5].