超额完成利润目标，盈利能力提升显著

Investment Rating - The report maintains a "Buy" rating for the company [3][39]. Core Insights - The company achieved a revenue of 4.78 billion yuan in 2023, representing a year-on-year growth of 7.50%, and completed 97.54% of its annual plan [3][8]. - The total profit reached 1.213 billion yuan, exceeding the annual target by 3.15% [3][8]. - The net profit attributable to shareholders was 1.031 billion yuan, a year-on-year increase of 34.90% [3][8]. - The company’s gross margin improved to 36.75%, up by 5.81 percentage points year-on-year, while the net margin increased to 21.58%, up by 4.37 percentage points [3][20]. - The company plans to achieve a revenue target of 5 billion yuan in 2024, reflecting a growth of 4.61% compared to 2023 [32][33]. Financial Performance Summary - Revenue for 2023 was 4.78 billion yuan, with a year-on-year growth of 7.50% [3][4]. - The net profit attributable to shareholders was 1.031 billion yuan, with a growth of 34.90% year-on-year [3][4]. - The basic earnings per share (EPS) was 0.74 yuan, an increase of 34.55% compared to the previous year [3][4]. - The company’s gross margin for 2023 was 36.75%, and the net margin was 21.58% [3][20]. - The weighted average return on equity (ROE) was 17.68%, up by 2.78 percentage points year-on-year [3][20]. Business Segment Performance - The aerospace composite materials segment generated revenue of 4.515 billion yuan, a year-on-year increase of 6.01%, with a net profit of 1.088 billion yuan, up by 30.20% [15][20]. - The new materials segment achieved revenue of 4.616 billion yuan, growing by 8.30% year-on-year, with a gross margin of 36.79% [11][12]. - The machine tool segment reported a revenue of 0.065 billion yuan, a decline of 22.09% year-on-year, with a gross margin of 7.75% [11][12]. Future Outlook - The company forecasts a net profit of 1.146 billion yuan for 2024, representing an 11.1% increase from 2023 [4][39]. - The EPS is expected to rise to 0.82 yuan in 2024, with a corresponding price-to-earnings (PE) ratio of 25.8 based on the closing price on March 22 [39].