新兴装备乘势突破，公司业绩再创历史新高

Investment Rating - The report maintains a "Recommend" rating for the company, indicating a positive outlook for its stock performance in the near term [3][8]. Core Insights - The company achieved a record high in performance for 2023, with revenue reaching 21.799 billion yuan, a year-on-year increase of 20.88%, and a net profit of 3.106 billion yuan, up 21.51% year-on-year [4][5]. - The growth in revenue is attributed to the company's strong performance in the emerging equipment sector and steady progress in the rail transit field, with new equipment product revenue growing significantly [5][7]. - The gross margin for 2023 was 33.86%, an increase of 1.17 percentage points year-on-year, while the net margin was 14.45%, up 0.08 percentage points year-on-year [5][7]. Financial Summary - For 2023, the company reported operating income of 21.799 billion yuan, with projections for 2024, 2025, and 2026 to be 26.810 billion yuan, 32.727 billion yuan, and 38.940 billion yuan respectively, reflecting a compound annual growth rate of approximately 20.9% [3][9]. - The net profit for 2023 was 3.106 billion yuan, with expected figures of 3.451 billion yuan for 2024, 4.069 billion yuan for 2025, and 4.541 billion yuan for 2026, indicating a steady growth trajectory [3][9]. - The company's earnings per share (EPS) for 2023 was 2.19 yuan, with forecasts of 2.44 yuan, 2.87 yuan, and 3.21 yuan for the following three years [3][9]. Business Performance - The emerging equipment business saw a revenue increase of 69.64% year-on-year, contributing significantly to overall growth, while traditional rail transit equipment revenue grew by 2% [5][7]. - The company has established a leading position in the power semiconductor market, with significant market shares in various sectors, including new energy vehicles and photovoltaic equipment [7][8]. - The company plans to distribute a cash dividend of 7.8 yuan per 10 shares to all shareholders, reflecting its strong financial performance [4].