HCNC(SZ:300161) Huaan Securities·2024-03-26 16:00Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [13]. Core Views - The company achieved a revenue of 2.115 billion yuan in 2023, representing a year-on-year growth of 27.13% [13][14]. - The net profit attributable to the parent company for 2023 was 270.907 million yuan, an increase of 45.70% year-on-year [13]. - The company has a strong order backlog, with 854 million yuan in orders for intelligent production lines and 119 million yuan for robotic systems as of the end of 2023, reflecting a year-on-year increase of 51.65% [13]. - The CNC system and intelligent production line segments performed well, with revenues of 1.118 billion yuan, a year-on-year increase of 35.53% [13]. - The company continues to invest in R&D, with expenses of 308 million yuan in 2023, a 26.52% increase, maintaining a high R&D expense ratio of 14.56% [13]. Financial Performance Summary - Revenue forecast for 2024-2026 is 2.678 billion, 3.308 billion, and 4.088 billion yuan respectively, with corresponding net profits of 1.01 billion, 1.54 billion, and 2.22 billion yuan [14]. - The diluted EPS for 2024-2026 is projected to be 0.51, 0.77, and 1.12 yuan respectively [14]. - The company’s revenue growth rates are expected to be 26.6% in 2024, 23.5% in 2025, and 23.6% in 2026 [15]. - The gross margin is projected to improve from 32.9% in 2023 to 35.1% in 2026 [15]. - The return on equity (ROE) is expected to increase from 1.6% in 2023 to 10.7% in 2026 [15].