技术优势叠加订单需求释放，公司业绩扭亏为盈

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [3][13]. Core Insights - The company reported a significant turnaround in Q1 2024, achieving revenue of 57.05 million yuan, a year-on-year increase of 147.82%, and a net profit of 6.53 million yuan, compared to a loss of 8.46 million yuan in the same period last year [1]. - The company has established a comprehensive business layout covering special optical devices, special optical fibers, new materials, high-end equipment, and optical electronic measurement services, enhancing its competitive edge [1]. - The demand for orders is gradually recovering, with a notable increase in customer orders leading to improved financial performance [1]. - The company plans to raise up to 300 million yuan through a private placement to supplement working capital and support its main business projects [1]. Financial Performance Summary - In 2023, the company experienced a revenue decline of 29.82% to 220.18 million yuan, but forecasts a recovery with projected revenues of 442.79 million yuan in 2024, representing a growth rate of 101.10% [2][6]. - The net profit for 2023 was 15.56 million yuan, with expectations of a substantial increase to 79.44 million yuan in 2024, reflecting a growth rate of 410.46% [2][6]. - The company's gross margin improved to 47.1% in Q1 2024, up 3.5 percentage points year-on-year, while the net profit margin reached 11.2%, an increase of 47.8% [1]. Research and Development Focus - The company emphasizes R&D investments in micro-structured optical fibers, automated winding technology, fiber optic gyroscope technology, laser application technology, and MEMS application technology, achieving significant breakthroughs [1]. - The integration of the "ring-fiber-adhesive-module-equipment" micro-industry chain enhances the company's technological advantages and positions it well in the inertial sensing market [1].