公司事件点评报告：业绩符合预期，海外市场持续拓展

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][30]. Core Insights - The company, Nuwei CNC (688697.SH), reported a revenue of 2.321 billion yuan for the year 2023, reflecting a year-on-year increase of 25.76%. The net profit attributable to shareholders was 318 million yuan, up 21.13% year-on-year, while the net profit excluding non-recurring items was 276 million yuan, increasing by 24.57% year-on-year. The gross profit margin stood at 26.46%, a decrease of 1.03 percentage points year-on-year [2][30]. - The company has successfully expanded its overseas market, achieving a significant increase in overseas revenue, which reached 705 million yuan, a year-on-year growth of 113%. The proportion of overseas revenue rose from 17.9% in 2022 to 30.4% in 2023, with products sold in over 50 countries and regions [2][30]. - Despite a challenging environment in the machine tool industry, where the overall consumption of metal processing machine tools in China decreased by 6.2%, Nuwei CNC's revenue growth of 25.8% significantly outperformed the industry average [2][30]. Summary by Sections Financial Performance - For 2023, the company achieved a revenue of 2,321 million yuan, with a growth rate of 25.8%. The net profit was 318 million yuan, with a growth rate of 21.1%. The diluted earnings per share (EPS) was 0.97 yuan [20][30]. - Forecasts for 2024 to 2026 indicate revenues of 2,693 million yuan, 3,157 million yuan, and 3,733 million yuan, respectively, with corresponding growth rates of 16.0%, 17.2%, and 18.2% [20][30]. Market Position - The company is positioned favorably in the domestic CNC metal cutting machine market, ranking among the top players. It has established a dedicated overseas sales network, which has contributed to its revenue growth [2][30]. Cost Management - The company has maintained effective cost control, with a period expense ratio of 13.14% and a research and development expense ratio of 4.39% for the year [2][30].