2023年业绩符合预期，机器人业务同比+30%

Investment Rating - The report maintains a "Hold" rating for Bukoo Technology (688160) with a target price of 51.19 RMB [1] Core Views - The company's gross margin remained stable, while management and R&D expenses increased, leading to a decline in net profit margin [1] - The robot business grew by 30% year-on-year, with expected order growth rates of 30% for 2024-2026 [3] - The medical imaging equipment business saw a decline of 21.42% in 2023 but is expected to grow by 30% in 2024 [32] - The machine IoT business is expected to grow at 20%, 15%, and 15% for 2024-2026 respectively [14] - The general automation business declined by 29.75% in 2023 but is expected to grow by 30% in 2024 [47] Financial Performance - In 2023, the company achieved revenue of 506.48 million RMB, a year-on-year decrease of 6.09%, and net profit of 60.68 million RMB, a year-on-year decrease of 33.36% [11] - The gross margin in 2023 was 38.18%, with a slight increase of 0.24pp year-on-year [1] - The net profit margin in 2023 was 12.03%, a decrease of 4.80pp year-on-year [1] - The company's ROE in 2023 was 8.10%, with expected increases to 10.22%, 12.05%, and 13.84% for 2024-2026 respectively [30] Business Segments - The robot business achieved revenue of 189.22 million RMB in 2023, a year-on-year increase of 30.60% [43] - The medical imaging equipment business achieved revenue of 34.87 million RMB in 2023, a year-on-year decrease of 21.42% [43] - The machine IoT business achieved revenue of 156.63 million RMB in 2023, a year-on-year decrease of 7.40% [43] - The general automation business achieved revenue of 122.72 million RMB in 2023, a year-on-year decrease of 29.75% [43] Market Position - The company holds a 13% market share in the DC servo market, ranking first in 2022 [43] - In the mobile robot industry, the company holds a 42% market share in the DC servo supplier segment, ranking first in 2022 [43] Future Projections - The company is expected to achieve net profits of 84.15 million RMB, 110.52 million RMB, and 143.79 million RMB for 2024-2026 respectively [22] - The compound annual growth rate (CAGR) of net profit is expected to be 33% for the next three years [22] - The PE ratios for 2024-2026 are projected to be 52X, 39X, and 30X respectively [22] Industry Analysis - The industrial automation industry is highly competitive, with the company maintaining stable gross margins through new product launches and cost control [4] - The company is expected to achieve gross margins of 38.5%, 39.0%, and 39.0% for 2024-2026 respectively [4]