Investment Rating - The report maintains a "Recommended" rating for the company [1][17][24]. Core Insights - The company experienced rapid revenue growth driven by its testing equipment and accessories, achieving a revenue of 384 million yuan in 2023, a year-on-year increase of 57.58%. However, software development and licensing revenue declined by 16.63% to 93 million yuan [1]. - The company's gross margin for 2023 was 60.30%, down 7.47 percentage points year-on-year, while the net margin was 27.16%, down 7.26 percentage points year-on-year. The increase in research and development expenses and stock incentive costs contributed to profit growth lagging behind revenue growth [1]. - The company has significantly increased its R&D investment, maintaining a high R&D expense ratio above 30% over the past three years, with an average annual growth rate of 78.20%. This investment aims to enhance product technology and expand the product matrix [1]. - The company is focusing on enhancing its core competitiveness by accelerating the development of manufacturable and testable design software, thereby enriching its manufacturing EDA ecosystem and establishing stronger technical barriers and business moats [1]. Financial Forecast - The company forecasts revenues of 745 million yuan, 1.099 billion yuan, and 1.520 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 56.1%, 47.4%, and 38.4% [1][18]. - The projected net profit attributable to the parent company is 201 million yuan, 298 million yuan, and 429 million yuan for the same years, with growth rates of 56.3%, 47.9%, and 43.9% [1][18].
2023年报和2024年一季度报告点评：测试设备及硬件业务高增，研发加大投入