Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company's conventional business continues to grow rapidly, with a revenue of 544 million yuan in 2023, representing a year-on-year increase of 14.59%. The net profit attributable to shareholders was 154 million yuan, down 24.61% [6][9]. - Significant increases in expenses have put short-term pressure on profits, with gross and net profit margins at 91.26% and 27.14%, respectively, in 2023 [7]. - The overseas business has shown impressive growth, with revenue from overseas conventional business reaching 330 million yuan, a year-on-year increase of 37.1% [8]. - The company has increased its R&D investment, spending 125 million yuan in 2023, which is a 9.72% increase from the previous year [8]. - The company has adjusted its profit forecasts for 2024 and 2025, expecting revenues of 658 million yuan and 816 million yuan, respectively, with corresponding net profits of 180 million yuan and 220 million yuan [9]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 544 million yuan, with a growth rate of 14.59%. The net profit attributable to shareholders was 154 million yuan, reflecting a decline of 24.61% [6][12]. - For Q1 2024, the company reported revenue of 146 million yuan, a 6.67% increase, while net profit was 31 million yuan, down 31.91% [6][12]. Expense Analysis - The company's gross margin was 91.26%, down 1.24 percentage points, and the net margin was 27.14%, down 14.85 percentage points in 2023. The increase in expenses is attributed to expanded personnel and increased R&D investments [7][12]. Overseas Business Growth - The overseas conventional business generated 330 million yuan in revenue in 2023, marking a 37.1% increase. The Americas contributed 229 million yuan (up 29.8%), Europe 72 million yuan (up 69.5%), and Asia-Pacific 29 million yuan (up 33.4%) [8]. R&D Investment - The company invested 125 million yuan in R&D in 2023, a 9.72% increase, and expanded its R&D personnel to 247, an increase of 30.69% [8]. Profit Forecasts - The company has revised its profit forecasts, expecting revenues of 658 million yuan in 2024, 816 million yuan in 2025, and 1,001 million yuan in 2026, with net profits of 180 million yuan, 220 million yuan, and 272 million yuan, respectively [9][12].
公司简评报告：常规业务快速增长，境外市场表现亮眼