23年度快报点评：Q4业绩环比增长，看好数码印花渗透率提升及非纺织业务拓展

Investment Rating - The report maintains a "Buy" rating for the company [12][13]. Core Viewpoints - The company is expected to benefit from the acceleration of traditional printing factories transitioning to digital printing, as well as the expansion of non-textile businesses such as new products like coating machines [2]. - The company achieved a revenue of 1.272 billion yuan in 2023, representing a year-on-year increase of 42.20%, and a net profit attributable to shareholders of 333 million yuan, up 37.04% year-on-year [20][11]. - The digital printing penetration rate is anticipated to increase due to domestic demand recovery and overseas market expansion, with expectations for continued production capacity expansion and non-textile business development [12][11]. Financial Performance Summary - In Q4 2023, the company reported revenue of 390 million yuan, a year-on-year increase of 97.42% and a quarter-on-quarter increase of 20.76%. The net profit attributable to shareholders was 94 million yuan, up 65.49% year-on-year and 2.26% quarter-on-quarter [11][20]. - The company plans to increase its production capacity significantly, aiming for a total of 5,520 units of digital printing equipment by 2027, making it the largest production base for digital printing equipment globally [21][20]. Market Position and Strategy - The company is focusing on technological innovation to maintain its leading position in the smart manufacturing equipment industry, actively participating in domestic and international exhibitions to boost sales [11][20]. - The introduction of the new VEGA9180DI digital printing machine, capable of producing up to 15,000 meters per day, is expected to enhance the company's market share both domestically and internationally [11][20].