各项业务稳步发展，多元布局打造行业竞争力

Investment Rating - The report maintains an "Accumulate" rating for the company [12] Core Views - The company achieved a revenue of 692 million yuan in 2023, representing a year-on-year growth of 14.82%, while the net profit attributable to the parent company was 133 million yuan, a decrease of 8.78% year-on-year [1][10] - The company continues to deepen its main business areas, with significant growth in sectors such as automotive electronics, smart metering, industrial safety, scientific instruments, and healthcare, despite a decline in HVAC sales due to reduced demand in the air purifier market [10][11] - The company is expected to gradually release its revenue potential in 2024, with a focus on stabilizing its HVAC business [10] Financial Performance Summary - In 2023, the company reported a gross margin of 45.14%, an increase of 0.89 percentage points year-on-year [10] - The company's R&D expenses increased by 46.07% year-on-year, contributing to the decline in net profit [10] - The company forecasts net profits attributable to the parent company for 2024, 2025, and 2026 to be 213 million, 306 million, and 416 million yuan respectively, with corresponding P/E ratios of 16, 11, and 8 [11][12] Business Segment Performance - The industrial and safety business, primarily driven by micro-infrared sensors and dust particle sensors, saw a revenue increase of 63.48% in 2023 [10] - The automotive electronics segment, focusing on comfort system sensors and high-temperature gas sensors, experienced a revenue growth of 36.72% [10] - The healthcare business, led by ultrasonic oxygen sensors, grew by 68.51%, while the smart metering segment saw a remarkable increase of 114.98% [10] - The HVAC business, however, faced a revenue decline of 25.90% due to market conditions [10] Future Outlook - The company is expected to see a gradual recovery in its HVAC business and overall revenue growth in the second and third quarters of 2024 [10] - The report highlights the company's stable customer base and the expanding market for gas sensors and analysis instruments, providing a favorable growth environment [11]