2023年业绩快报点评：业绩稳健增长，盈利能力持续提升

Investment Rating - The investment rating for the company is "Buy" [13] Core Insights - The company reported a robust revenue growth of 12.96% year-on-year, reaching 636 million yuan in 2023, with a net profit attributable to shareholders of 124 million yuan, marking a 48.34% increase [1] - The company's net profit margin improved to 19.51%, up by 4.59 percentage points year-on-year, indicating enhanced profitability driven by product upgrades and effective cost management [1][12] - The company is leveraging its technological advancements to break foreign monopolies and accelerate domestic substitution, particularly in the automotive and aerospace sectors [2] - The company is expanding into the robotics sector, aiming to establish a second growth curve as demand in this area increases [2][12] Financial Performance Summary - In Q4 2023, the company achieved a revenue of 170 million yuan, a 19.72% increase compared to the previous quarter, and a net profit of 37 million yuan, up 37.04% year-on-year [1] - The forecast for net profit for 2023-2025 is 124 million yuan (up 6%), 154 million yuan (up 3%), and 190 million yuan, respectively, with corresponding dynamic P/E ratios of 18, 15, and 12 times [13] - The company’s total assets are projected to grow from 811 million yuan in 2023 to 1.209 billion yuan by 2025, reflecting a strong growth trajectory [6]