其中，销售、管理、研发、财务费用率分别为4.52%/20.97%/14.66%/-0.42%，同比+0.01/+3.28/+2.26/+0.93pct。公司持续增加研发和市场开拓投入，加大全球化布局、引进行业高端人才，导致研发和管理费用大幅提升。Incident: The company released its annual report for the year 23, achieving annual revenue of 458 million yuan, +4.40% year on year; net profit to mother of 47 million yuan, -20.83% year over year; net profit after deducting non-return to mother of 0.3 million yuan, or -37.74% year on year.
Full year results are in line with expectations. Looking at downstream applications, semiconductors, life sciences, AR/VR testing, biometrics, aerospace, and driverless vehicles accounted for 37.05%, 28.14%, 8.42%, 9.30%, 3.28%, and 3.34% of revenue in 23 years, respectively. Among them, revenue in the semiconductor and driverless sectors was +57.69% and +66.34%, respectively, driving overall performance growth. AR/VR testing revenue declined year-on-year, mainly because the company's main customer products are in the R&D stage, and demand fluctuates. On a quarterly basis, 23Q4 achieved revenue of 0.98 million yuan, -2.66% YoY, -18.57%; net profit to mother of 0.1 billion yuan, +60.18% YoY and +35.22% month-on-month; net profit excluding non-return to mother of 0.03 billion yuan, or -47.01% YoY and -31.28% month-on-month.
The gross margin improved year over year, and the cost ratio for the period increased year over year. 1) Gross profit margin: The company's gross margin in '23 was 51.89%, +2.37pct year on year, of which 23Q4 gross profit margin was 54.13%, +0.74pct year on year, and +6.63pct month-on-month. 2) Period expenses: The cost rate for the 23-year company period was 39.73%, +6.48pct year-on-year.
Among them, sales, management, R&D, and financial expenses were 4.52%/20.97%/14.66%/-0.42%, respectively, +0.01/+3.28/+2.26/+0.93pct. The company continues to increase investment in R&D and market development, increasing its global layout and introducing high-end talents in the industry, leading to a significant increase in R&D and management costs.
It has comprehensive optical solution capabilities and actively promotes the global layout. The company has now mastered the full-process optical manufacturing process and five core technologies such as coating, polishing, and gluing. The technical level is leading domestically. The products are mainly used in high value-added fields such as semiconductors, life sciences, and AR/VR testing. At the same time, the company is actively developing a global layout. Not only have production bases, R&D centers and subsidiaries been set up in Thailand, the US, and the UK, but the sales network has also covered countries and regions such as Europe, North America, and the Middle East to support the continuous growth of the enterprise with a perfect operation management system and marketing service system.
Profit forecast: The company's revenue for 24-26 is estimated to be $528, 6.31, and 759 million yuan, respectively, and net profit to mother of 0.56, 0.70, and 88 million yuan, respectively, maintaining the “increase in holdings” rating.
Risk warning: Technology upgrade iterations fall short of expectations, downstream demand falls short of expectations, risk of exchange rate fluctuations.
