2023年年报点评：年度归母净利润同比增长34.90%，产业地位牢固

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 4.78 billion yuan in 2023, representing a year-on-year growth of 7.50%, driven by increased sales of aerospace composite materials and brake products. The net profit attributable to shareholders reached 1.03 billion yuan, a year-on-year increase of 34.90% due to product structure changes, cost reduction, and efficiency improvements [3][2] - The company focuses on its core business and enhances technological transformation, with increased R&D investment and the addition of 46 new patent applications in 2023, strengthening its market position and technological advantages [3] - The company is a leading domestic supplier of aerospace composite materials, benefiting from the push for domestic production of key raw materials and opportunities for international supply chain integration [3] Summary by Sections Financial Performance - Total revenue for 2023 was 4,780 million yuan, with a year-on-year growth of 7.50% - Net profit attributable to shareholders was 1,031.46 million yuan, reflecting a year-on-year increase of 34.90% - The latest diluted EPS was 0.74 yuan, with a P/E ratio of 26.65 [2][3] Profitability and Margins - The gross margin for new material products reached 36.79%, an increase of 5.92 percentage points, while the gross margin for machine tool products was 7.75%, up by 14.81 percentage points [3] Future Projections - The company is expected to achieve net profits of 1.29 billion yuan, 1.57 billion yuan, and 1.88 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 21, 18, and 15 [3][2]