业绩表现亮眼，看好焊接业务开启新曲线

Investment Rating - Buy-A rating maintained with a 6-month target price of 324.96 CNY [3] Core Views - Strong performance in 2023 with revenue of 1.407 billion CNY, up 56.61% YoY, and net profit of 729 million CNY, up 52.01% YoY [1] - Q4 2023 revenue reached 416 million CNY, up 69.07% YoY, with net profit of 157 million CNY, up 68.71% YoY [1] - Low and medium-power products (5.43 billion CNY, +25.33% YoY) benefited from strong export demand, accounting for 38.63% of total revenue [2] - High-power products (3.27 billion CNY, +65.44% YoY) and cutting heads (3.35 billion CNY, +96.73% YoY) showed significant growth, driven by increased penetration in thick plate cutting applications [2] - Gross margin improved to 80.33% (+1.36pct YoY), with high-power gross margin reaching 86.51% (+9.27pct YoY) due to cost optimization and localization of components [3] - Net margin declined to 53.55% (-1.22pct YoY) due to increased R&D investment, market expansion, and employee stock incentive costs [3] Business Segments - Low and medium-power products: Mainly used in thin plate cutting for hardware, lighting, doors, and fitness equipment, with strong export growth potential [2] - High-power products: Applied in shipbuilding, rail transit, and aerospace industries, with ongoing substitution of traditional cutting methods [2] - Cutting heads: Achieved significant growth due to localization of optical components and economies of scale [3] Financial Projections - Revenue expected to grow to 1.875 billion CNY in 2024 (+33.24% YoY), 2.437 billion CNY in 2025 (+29.98% YoY), and 3.267 billion CNY in 2026 (+34.08% YoY) [8] - Net profit projected to reach 990 million CNY in 2024 (+35.86% YoY), 1.304 billion CNY in 2025 (+31.68% YoY), and 1.721 billion CNY in 2026 (+32.01% YoY) [8] - PE ratios forecasted at 42X for 2024, 32X for 2025, and 24X for 2026 [8] Market Opportunities - Welding control systems: Potential market size exceeding 16 billion CNY, with demand for welding robots estimated at 16,000 units in the steel structure sector [7] - Company progress in welding: Development of new welding functions and improved arc tracking performance, expected to drive future growth [7] Operational Efficiency - R&D expenses increased to 261.5 million CNY in 2023, with R&D personnel accounting for 45% of total employees [3] - Sales and management expenses rose due to market expansion and employee recruitment, with total employees reaching 864 (+226 YoY) [3]