业绩实现较快增长，业务拓展打开新局面

Investment Rating - The investment rating for the company is "Buy" and is maintained [5][13]. Core Insights - The company has achieved rapid growth in its performance, with a revenue of 1.04 billion yuan in 2023, representing a year-on-year increase of 24.25%. The net profit attributable to the parent company was 140.69 million yuan, up 27.34% year-on-year [11][12]. - The company is expected to benefit from the increasing demand for solid rocket engines and ammunition, with a market space of approximately 10 billion yuan in China. The company has a full industry chain capability and is likely to increase its market share as its technology improves [7]. - The company successfully won bids in the medium-caliber ammunition sector, marking a new phase in its business expansion [25]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are 1.29 billion yuan, 1.67 billion yuan, and 2.16 billion yuan, respectively, with growth rates of 24.30%, 29.20%, and 29.32% [9]. - The net profit attributable to the parent company is projected to be 198.55 million yuan, 297.88 million yuan, and 389.92 million yuan for 2024, 2025, and 2026, reflecting growth rates of 41.13%, 50.03%, and 30.90% [9][13]. - The company's overall gross margin for 2023 was 32.35%, a decrease of 4.79 percentage points year-on-year, primarily due to tax policy reforms affecting product pricing and increased depreciation costs [25].