Investment Rating - The report assigns a "Buy" rating to the company, with a current price of 31.41 CNY and a reasonable value of 36.43 CNY, maintaining the previous "Buy" rating [6]. Core Insights - The company reported a revenue of 2.115 billion CNY for 2023, a year-on-year increase of 27.13%, and a net profit attributable to shareholders of 27.09 million CNY, up 45.70% year-on-year [4][17]. - The growth in the CNC system segment is significant, with revenue reaching 889.2 million CNY, a 26.22% increase, and a gross margin of 38.65%, up 2.76 percentage points [4]. - The intelligent production line and robotics segment saw revenue of 1.118 billion CNY, a 35.53% increase, although the gross margin decreased by 2.05 percentage points [4][17]. - The company has a strong order backlog, with new orders amounting to 1.293 billion CNY in 2023, indicating potential for future revenue growth [4][23]. Summary by Sections Financial Performance - The company achieved a revenue of 2.115 billion CNY in 2023, with a year-on-year growth rate of 27.1% [18]. - The net profit for 2023 was 27.09 million CNY, reflecting a significant increase of 45.7% compared to the previous year [18]. - The gross margin for the CNC system segment improved to 38.65%, while the intelligent production line segment's gross margin was 35.53% [4][18]. Revenue Forecast - The company is expected to see revenue growth rates of 23.5%, 23.8%, and 21.7% for the years 2024, 2025, and 2026, respectively, with projected revenues of 2.612 billion CNY, 3.235 billion CNY, and 3.936 billion CNY [24]. - The net profit forecast for 2024, 2025, and 2026 is 103 million CNY, 171 million CNY, and 263 million CNY, respectively, indicating substantial growth potential [24]. Business Segments - The CNC system and machine tool segment is expected to maintain a growth rate of around 30% from 2024 to 2026, driven by the recovery in the manufacturing sector and the company's leading position in the domestic market [45]. - The intelligent production line and robotics segment is projected to grow at rates of 20% for 2024 and 2025, and 15% for 2026, with a focus on core component innovation [23][46]. - The company is also expanding its presence in the new energy vehicle sector, with expected growth rates of around 10% for the same period [46].
数控系统高增,盈利能力提升