Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected relative price increase of over 15% within the next 6 to 12 months [18]. Core Insights - The company reported a slight decline in revenue for 2023, with a year-on-year decrease of 1.36%, but showed signs of recovery in the second half of the year with an 11.26% increase compared to the same period in 2022 [5][10]. - The net profit for 2023 reached 149 million yuan, reflecting a year-on-year growth of 21.79%, with a significant increase of 43.02% in the fourth quarter [7][11]. - The company's gross margin is expected to increase by approximately 6% in 2023, contributing to an improvement in net profit margin from 16.35% in 2022 to about 20.19% [9]. Financial Performance Summary - Revenue (in million yuan): - 2021: 714.7 - 2022: 749.7 - 2023E: 739.5 - 2024E: 884.1 - 2025E: 1,138.6 - Year-on-year growth rates: 36.0% (2021), 4.9% (2022), -1.4% (2023E), 19.6% (2024E), 28.8% (2025E) [4]. - Net Profit (in million yuan): - 2021: 90.7 - 2022: 122.6 - 2023E: 149.1 - 2024E: 182.4 - 2025E: 234.3 - Year-on-year growth rates: 117.6% (2021), 35.2% (2022), 21.7% (2023E), 22.3% (2024E), 28.4% (2025E) [4]. - Earnings per Share (in yuan): - 2021: 0.82 - 2022: 1.11 - 2023E: 1.36 - 2024E: 1.66 - 2025E: 2.13 [4]. Market Position and Strategy - The company is focusing on expanding its production capacity through investments, including a new factory in Thailand expected to start operations in early 2024 [5][10]. - The company has been optimizing its customer and product structure, leading to a higher gross margin, with overseas revenue accounting for 70.1% in 2022 [9].
2023年业绩略超预期，盈利能力显著提升