Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [39][45]. Core Insights - The company focuses on centralized lubrication systems and hydraulic systems, achieving revenue growth alongside market expansion [25][51]. - Business innovation drives growth, with accelerated international market expansion [37][46]. - The company has a strong market position in the wind power sector, with over 50% market share domestically and plans to increase its international presence [11][26]. Financial Performance and Forecast - In 2023, the company achieved a revenue of 409 million yuan, a year-on-year increase of 19.19%, and a net profit of 111 million yuan, up 2.29% [34][46]. - For Q1 2024, the revenue was approximately 87.77 million yuan, with a net profit of about 29.07 million yuan, indicating a gross margin of 38% [34]. - Revenue projections for 2024 to 2026 are 530 million, 736 million, and 1.015 billion yuan respectively, with net profits of 113 million, 167 million, and 246 million yuan [39][46]. - The company expects a gross margin of 42.3% in 2024, declining to 40.1% by 2025, primarily due to market price pressures [39][58]. Business Segmentation - The specialized equipment manufacturing segment generated 380 million yuan in revenue, accounting for 92.95% of total revenue, with a gross margin of 44.87% [35]. - The lubrication systems and components contributed 310 million yuan, representing 75.85% of total revenue, while hydraulic systems and components generated 69 million yuan, showing a significant growth of 69.08% [35][46]. - Domestic sales accounted for 87.98% of total revenue in 2023, while international sales reached 12.02%, reflecting a growth of 29.23% [35][46].
盘古智能：业绩稳步增长，新业务持续开拓