公司高端化发展战略持续推进，成效显著。2023 年，公司高端产品营业收入同比增长55.00%，高端产品占比提升至22%，比去年同期的18%提升近4pct，拉动四大类产品平均单价同比提升23.40%。销售单价3/5 万以上的产品，销售额分别同比增长90.06%/158.25%，体现公司高端战略卓见成效。Incidents:
The company released the 2023 annual performance report: the company's revenue for the full year of 2023 was 483 million yuan, an increase of 21.50% year on year; net profit attributable to mother/non-return to mother was 1.55/ 155 million yuan respectively, up 10.45%/20.23% year on year. Among them, the company achieved revenue of 134 million yuan in a single quarter, an increase of 2.55% year on year; corresponding net profit attributable to mother/deducted from mother was 0.36/0.35 billion yuan, respectively, down 9.41%/3.38% year on year. At the end of the reporting period, the company's total assets were 1,665 billion yuan, up 4.07% from the beginning of the period; owners' equity attributable to the parent company was 1,562 billion yuan, up 5.03% from the beginning of the period.
The unit price of main products has increased, and the high-end process has not changed
The company's high-end development strategy continues to advance, with remarkable results. In 2023, the company's revenue from high-end products increased 55.00% year on year, and the share of high-end products increased to 22%, up nearly 4 pct from 18% in the same period last year, driving the average unit price of the four categories of products to increase by 23.40% year on year. Sales of products with a unit price of over 3/50,000 increased 90.06%/158.25% year-on-year respectively, reflecting the outstanding results of the company's high-end strategy.
In terms of categories, the company's RF microwave product matrix is improving, and revenue continues to increase, with a year-on-year increase of 59.70% throughout 2023, showing high growth potential; high-resolution digital oscilloscope products have an obvious competitive advantage, and domestic revenue in 2023 increased 68.77% year on year, effectively driving the company's performance growth.
Increased R&D investment and steady increase in gross margin
In terms of profitability, the company's gross margin in 2023 was 61.50%, up 3.96pct year on year; net profit margin to mother was 32.18%, down 9.10pct year on year. In terms of expenses during the period, the company continued to increase R&D investment. In 2023, R&D expenses were 86 million yuan, up 49.84% year on year, accounting for 17.86% of revenue, up 3.37 pcts year on year. Sales expenses were 75 million yuan, up 31.04% year over year.
The sales system is improved and collaborated, and the product continues to be iteratively upgraded
On the channel side, the company has established a perfect and stable distribution system in the global market, and the four main product sales channels are shared, which has produced good synergy effects. Judging from R&D results, the company continued to iterate and upgrade on the product side throughout 2023, releasing 7 new products in terms of product performance optimization (digital oscilloscope), rich product forms (8-channel digital oscilloscope, handheld vector network analyzer, programmable linear DC power supply), and new category expansion (handheld signal analyzer). Furthermore, on January 23, 2024, the company officially released the SDS7804A, an 8GHz bandwidth high-resolution oscilloscope, setting a new benchmark for domestic high-resolution oscilloscopes.
Investment advice and profit forecasting
Currently, the company's four main products have all entered the high-end field, compounding the long-term positive share of the domestic market and direct sales channels. We are optimistic about the company's medium- to long-term development. The company is expected to achieve revenue of 483/618/769 million yuan in 2023-2025, net profit of 1.55/ 1.93/236 million yuan, EPS of 0.98/1.21/1.48 yuan/share, and corresponding PE of 34.54/27.88/22.77 times, maintaining a “buy” rating.
Risk warning
New product development falls short of expectations risk, exchange rate fluctuation risk, macro-environmental risk
