高端化发展战略持续推进，产品结构不断优化

Investment Rating - Strongly Recommended (expected to outperform the market by over 20% within 6 months) [3] Core Views - The company is advancing its high-end development strategy, continuously optimizing its product structure. In 2023, all four main product lines saw sales revenue growth, with high-end product revenue increasing by 55%, raising its proportion to 22% from 18% year-on-year. The average selling price of products increased by 23.38% [12] - The company has significantly increased its R&D investment, reaching 86.1 million yuan in 2023, a 49.44% year-on-year increase, accounting for 17.82% of revenue, up from 14.49% the previous year. The R&D team expanded to 213 personnel, a 36.54% increase [14] - The company launched seven new products in 2023, contributing to revenue growth and enhancing overall profitability [14] - The company achieved a revenue of 483 million yuan in 2023, a 21.50% year-on-year increase, and a net profit of 155 million yuan, up 10.29% year-on-year. The gross margin improved to 61.30%, an increase of 3.76 percentage points from the previous year [27] - The company is positioned as a leader in the domestic electronic measurement sector, with a strong focus on high-end products across its four main product lines [29] Financial Summary - In 2024, the company is expected to achieve a net profit of 200 million yuan, with projected revenues of 626 million yuan, reflecting a growth rate of 29.5% [28] - The company's earnings per share (EPS) for 2024 is projected to be 1.26 yuan, with a price-to-earnings (P/E) ratio of 26.9 [28] - The company maintains a strong financial position with a low debt ratio of 7.4% and a net profit margin of 32.1% in 2023 [31]