国内需求短期承压，看好海外市场增长潜力

Investment Rating - The investment rating for the company is "Buy" [5][18]. Core Views - The company reported a 21.50% year-on-year increase in operating revenue for 2023, reaching 483 million yuan, and a 10.45% increase in net profit attributable to shareholders, totaling 155 million yuan [2][21]. - The company is experiencing a slowdown in domestic revenue growth due to market demand pressure, while overseas revenue is recovering, indicating significant growth potential in international markets [2][5]. - The company has increased its investment in R&D and sales, with R&D expenses rising by 49.84% to 86 million yuan, representing 17.86% of revenue [2][5]. Summary by Sections Financial Performance - In 2023, the company's gross margin was 61.50%, an increase of 3.96 percentage points year-on-year, while the net margin was 32.18%, a decrease of 3.22 percentage points [2][5]. - The company achieved a non-recurring net profit of 155 million yuan, with a year-on-year growth of 20.23% when excluding interest income effects [2][5]. Product and Market Analysis - High-end product revenue grew by 55.00% in 2023, accounting for 22.00% of total revenue, an increase of 4.00 percentage points year-on-year [2][5]. - The company has launched several high-end products, including advanced digital oscilloscopes and signal generators, which are now in mass production [2][5]. Future Outlook - The company expects net profits to reach 203 million yuan in 2024 and 263 million yuan in 2025, with corresponding P/E ratios of 25 and 20 times [2][5]. - The overall growth potential remains strong due to industry upgrades and the trend towards self-sufficiency in technology [2][5].