四季度订单复苏超预期，坚持长期价值“突围世界”

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 71.35 CNY based on a 30x PE for 2024 [3][12]. Core Insights - The company expects a revenue of 28.99-31.06 billion CNY for 2023, representing a year-on-year growth of 26%-35%, and a net profit of 4.58-4.97 billion CNY, with a growth of 6%-15% [2]. - Q4 demand and order recovery exceeded expectations, with projected Q4 revenue of 9.9 billion CNY, a 46% increase year-on-year, and a net profit of 1.45 billion CNY, an 18% increase [2]. - The company anticipates a 20% growth in industrial automation, driven by the increasing penetration of new energy vehicles, which is expected to generate 7.5-8 billion CNY in revenue for 2023 [2]. - Despite pressure on profitability due to a higher proportion of lower-margin new energy vehicle business, the company is expected to control expenses effectively while investing in internationalization and digitalization [2]. Financial Summary - The company forecasts net profits of 4.77 billion CNY in 2023, 6.37 billion CNY in 2024, and 8.26 billion CNY in 2025, with year-on-year growth rates of 11%, 33%, and 30% respectively [2][6]. - Revenue projections are 29.19 billion CNY for 2023, 37.45 billion CNY for 2024, and 45.91 billion CNY for 2025, with growth rates of 27%, 28%, and 23% respectively [6][7]. - The report highlights a projected gross margin decline due to the increasing share of lower-margin businesses, but overall profitability remains resilient [2][6].