落实质量回报双提升方案，工控龙头穿越周期

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has launched a "Quality Return Dual Improvement" action plan aimed at enhancing shareholder value through focusing on core businesses in industrial automation and new energy vehicles, maintaining high dividend payouts, and strengthening digital governance [5] - Despite a 7% decline in the industrial control OEM industry in 2023, the company's industrial control revenue is expected to grow by 20-25%, driven by strong performance in servo motors, low-voltage frequency converters, and small PLCs [5] - The company is projected to achieve a revenue growth of 50% in its new energy vehicle business in 2024, with continued internationalization and digitalization efforts expected to provide long-term growth opportunities [5] - The company has consistently returned value to shareholders through share buybacks and cash dividends, distributing a total of 5.636 billion yuan in cash dividends since its listing, which is about 33% of its cumulative net profit [5] - The earnings forecast for the company indicates a net profit of 4.773 billion yuan in 2023, 6.079 billion yuan in 2024, and 7.310 billion yuan in 2025, with corresponding P/E ratios of 30.53, 23.97, and 19.93 [5] Financial Projections - Total revenue is projected to increase from 29.888 billion yuan in 2023 to 38.320 billion yuan in 2024, reflecting a year-on-year growth of 28.21% [2] - The company's net profit is expected to grow from 4.773 billion yuan in 2023 to 6.079 billion yuan in 2024, representing a year-on-year increase of 27.36% [2] - The report anticipates a steady increase in earnings per share (EPS) from 1.78 yuan in 2023 to 2.27 yuan in 2024 [2] Market Data - The closing price of the company's stock is 62.00 yuan, with a market capitalization of approximately 165.95 billion yuan [3] - The company has a price-to-book ratio of 7.35 and a total circulating A-share market value of 144.49 billion yuan [3] Basic Data - The company's net asset value per share is 8.43 yuan, with a debt-to-asset ratio of 46.56% [4] - The total number of shares outstanding is approximately 2.68 billion [4]