Q1利润端有所修复，积极布局鸿蒙生态

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a 12-month target price of 27 yuan, corresponding to a PE ratio of 60 times for 2025 [6][9]. Core Insights - The company reported a total revenue of 3.007 billion yuan in 2023, a slight decrease of 0.53% year-on-year, and a net profit attributable to shareholders of -85.1 million yuan, down 109.57% year-on-year. The first quarter of 2024 showed a revenue of 654 million yuan, a growth of 3.30% year-on-year, with a net profit of -28 million yuan, an increase of 15.18% year-on-year [2][6]. - The company's growth drivers are primarily from its electric vehicle testing business, which is expected to maintain rapid growth due to continuous demand and new customer acquisitions. The digital security and confidentiality business is anticipated to recover profitability as strategic adjustments and business optimizations are implemented [3][6][8]. Financial Performance Summary - The company achieved a revenue of 3.007 billion yuan in 2023, with a projected revenue of 3.754 billion yuan in 2024, 4.534 billion yuan in 2025, and 5.502 billion yuan in 2026. The net profit is expected to recover to 42.4 million yuan in 2024, 136.2 million yuan in 2025, and 229.2 million yuan in 2026 [6][26]. - The testing business generated 2.557 billion yuan in revenue, reflecting a year-on-year growth of 29.98%, while the digital security and confidentiality business saw a revenue decline of 57.40% to 450 million yuan due to budget constraints in downstream sectors [7][8]. Market Position and Strategy - The company is positioned as a leading provider of electronic measurement instruments and solutions, backed by the Chinese Academy of Sciences. It has adopted a dual-main business model through acquisitions, focusing on the electric vehicle testing business and the recovery of the digital security business [6][8]. - The establishment of a subsidiary, Zhongke Hongluo, aims to enhance the company's presence in the Hongmeng ecosystem, with a focus on developing domestic operating systems and related products [11][24].