设备业务稳健增长，工程板块减亏向好

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 7.50 CNY over the next six months [3][8]. Core Views - The company has shown robust growth in its equipment business, with a revenue increase of 22.12% year-on-year, reaching 1.4934 billion CNY in 2023. The net profit attributable to the parent company surged by 198.57% to 173.1 million CNY [5][8]. - The engineering segment has also improved, with a revenue of 96 million CNY in 2023, reflecting a year-on-year growth of 16.9%. The company aims to enhance management of its engineering subsidiary, Hubei Huawang, to achieve profitability [7][8]. - The company is expected to continue its growth trajectory, with projected revenues of 1.928 billion CNY, 2.616 billion CNY, and 3.457 billion CNY for 2024, 2025, and 2026, respectively, indicating growth rates of 29.1%, 35.7%, and 32.2% [8][21]. Financial Performance - The equipment segment achieved a revenue of 1.385 billion CNY in 2023, a 24.4% increase from the previous year, with a gross margin improvement of 4.3%, reaching 37.19% [18]. - The company has a total market capitalization of 3.9267 billion CNY and a circulating market capitalization of 3.2657 billion CNY, with a total share capital of 620.33 million shares [3][5]. - The projected earnings per share (EPS) for 2024 is 0.50 CNY, with a net profit margin expected to reach 16.2% [21][27]. Market Position and Strategy - The company is focusing on expanding its product offerings and market reach, particularly in high-voltage switchgear and other innovative products, to maintain its competitive edge in the industry [18][8]. - The company plans to strengthen its presence in both domestic and international markets, aiming to diversify its customer base and reduce dependency on specific clients [18][8].