现金流超预期，资产负债及毛利改善

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3.18 billion RMB for 2023, a year-over-year decrease of 7.8%, and a net profit attributable to shareholders of -323 million RMB, reflecting a year-over-year increase of 13.92% [2][9] - The operating cash flow showed significant improvement, reaching 273 million RMB compared to -12 million RMB in the previous year, indicating a positive trend in operational efficiency [3][11] - The company has made personnel adjustments, reducing its workforce by 15% to 5,986 employees, which is expected to yield benefits in the profit statement in 2024 [3][13] - The gross margin improved to 41.26%, up 3.94 percentage points year-over-year, driven by a shift towards higher-margin products [3][17] - The company is actively pursuing R&D initiatives, leading to the development of advanced scientific instruments and expanding its product matrix [3][19] Summary by Sections Performance Overview - The company achieved an operating income of 3.18 billion RMB, with a net profit of -323 million RMB and a non-recurring net profit of 388 million RMB, marking a 7.27% increase year-over-year [2][9] - The operating cash flow was 273 million RMB, a significant improvement from the previous year's -12 million RMB [2][11] Operational Analysis - The company saw a 37% increase in contract liabilities, reaching 880 million RMB, indicating improved order quality [3][10] - Accounts receivable decreased by 18.5% to 905 million RMB, reflecting healthier financial management [3][10] Financial Metrics - The company expects EPS for 2024, 2025, and 2026 to be 0.49, 0.78, and 1.05 RMB respectively, with corresponding PE ratios of 22, 14, and 10 [3][4] - The gross margin for high-margin businesses increased to 45.73%, with their revenue share rising to 69.75% [3][17] R&D and Innovation - The company led the application for a key national R&D project, focusing on advanced mass spectrometry technology [3][19] - The company has successfully developed and delivered significant scientific instruments, enhancing its competitive position in the market [3][19] Market Opportunities - The government has initiated plans for large-scale equipment updates, which may create significant market opportunities for domestic scientific instruments [20][25]