Neway CNC(SH:688697)2024-03-25 16:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 2.321 billion yuan in 2023, representing a year-on-year growth of 25.76%, and a net profit of 318 million yuan, up 21.13% year-on-year [1] - Despite weak downstream demand, the company's performance remains robust, outperforming the industry [1] - The company has successfully expanded its overseas market presence, with overseas revenue reaching 705 million yuan, accounting for 30.36% of total revenue, an increase of 12.43 percentage points year-on-year [1] Financial Performance Summary - Revenue for 2023 was 2.321 billion yuan, with a projected revenue of 2.781 billion yuan for 2024, reflecting a growth rate of 19.83% [4] - The net profit for 2023 was 318 million yuan, with forecasts of 384 million yuan for 2024, indicating a profit growth rate of 20.86% [4] - The gross margin for 2023 was 26.46%, expected to rise to 27.00% in 2024 [4] - The diluted EPS for 2023 was 0.97 yuan, projected to increase to 1.18 yuan in 2024 [4] Product Performance Summary - In 2023, revenue from large machining centers was 959 million yuan, up 14.98% year-on-year; vertical CNC machine revenue was 646 million yuan, up 29.72%; and horizontal CNC machine revenue was 692 million yuan, up 41.83% [1] Market Outlook - The company is expected to benefit from the recovery of the domestic economy and supportive policies for equipment upgrades, with forecasts of net profits reaching 384 million yuan in 2024, 457 million yuan in 2025, and 549 million yuan in 2026 [1][4]