WEIXING NBM(SZ:002372) Minsheng Securities·2024-03-02 16:00Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 15.69 yuan and projected PE ratios of 18, 16, and 15 for 2023, 2024, and 2025 respectively [4]. Core Insights - The company is expected to achieve a revenue of 6.421 billion yuan in 2023, representing a year-on-year growth of 7.66%, and a net profit attributable to shareholders of 1.427 billion yuan, up 9.97% year-on-year [1][4]. - The fourth quarter of 2023 showed a revenue of 2.675 billion yuan, down 4.14% year-on-year, but net profit increased by 4.54% to 553 million yuan [1][2]. - The company has a high return on equity (ROE) exceeding 26% for the year [1]. Summary by Sections Financial Performance - The company reported a revenue of 6.421 billion yuan for 2023, with a net profit of 1.427 billion yuan, and an expected revenue growth rate of -7.66% for 2023 [4]. - The fourth quarter revenue decline was attributed to a high comparative base from the previous year and weak market demand, with a notable narrowing of revenue decline compared to earlier quarters [2]. Strategic Initiatives - The company is focusing on a retail strategy to enhance its market share while maintaining caution in the engineering sector, aiming for improved gross margins and risk management [2]. - The introduction of new product categories and the acquisition of quality assets in the system integration field are expected to drive long-term growth [2][3]. Management Confidence - The company has initiated a share buyback plan amounting to 200-300 million yuan, demonstrating management's confidence in the company's long-term prospects [3]. - Recent insider buying by the chairman further reinforces the positive outlook for the company's future [3].