航空产品收入同比增长18%，加强研发投入奠定长期发展基础

Investment Rating - The report maintains a "Buy" rating for the company [1][7] Core Views - In 2023, the company achieved revenue of 1.214 billion yuan, a year-on-year increase of 9%, while the net profit attributable to shareholders decreased by 21% to 193 million yuan [4] - The revenue from aviation products grew steadily, with a notable increase in new product development and market expansion in the civil aviation sector [5][15] - The cooling business faced a decline in revenue due to changes in national industry policies and market conditions, with a 32% drop in revenue for the subsidiary Tian'e Refrigeration [5][6] - The company has successfully secured multiple project contracts in the military sector, which are expected to foster new business growth points [5] - The company’s gross profit margin was 38.38%, a decrease of 1.86 percentage points year-on-year, with specific product margins also declining [6] Financial Projections - The projected net profits for 2024, 2025, and 2026 are 245 million yuan, 292 million yuan, and 344 million yuan respectively, corresponding to price-to-earnings ratios of 31, 26, and 22 times [7][8] - Revenue is expected to grow to 1.444 billion yuan in 2024, with a growth rate of 18.95% [8][27] - The company’s R&D expenses increased by 46% to 116 million yuan, indicating a strong commitment to long-term development [6][39]