2023年年报点评：轨交有望受益换设备新周期，新兴装备高速成长

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company achieved a revenue of 21.799 billion yuan in 2023, representing a year-over-year growth of 20.88%, and a net profit attributable to shareholders of 3.106 billion yuan, up 21.51% year-over-year [2][3]. - The rail transit business continues to improve, while the emerging equipment business has rapidly increased its share, accounting for 40.06% of total revenue in 2023 [2]. - The rail transit business is expected to benefit from a new equipment replacement cycle, supported by government policies aimed at promoting the use of new energy locomotives and replacing old diesel engines by 2027 [2]. - The emerging equipment business is experiencing rapid growth, particularly in power semiconductors and new energy drives, with significant increases in revenue across various segments [2][3]. Summary by Relevant Sections Financial Performance - In 2023, the rail transit business generated revenue of 12.910 billion yuan, a 2.00% increase year-over-year, while the emerging equipment business saw revenue of 8.732 billion yuan, a remarkable 69.64% increase [2]. - For Q4 2023, the company reported revenue of 7.704 billion yuan, a 7.62% increase year-over-year and a 39.43% increase quarter-over-quarter, with a gross margin of 36.51% [2][3]. Business Segments - The rail transit segment's revenue in Q4 was 5.188 billion yuan, down 4.88% year-over-year, while the emerging equipment segment's revenue was 2.649 billion yuan, up 63.72% year-over-year [2]. - The emerging equipment business includes power semiconductors with revenue of 970 million yuan, up 78.64%, and new energy drives with revenue of 675 million yuan, up 161.63% [2]. Future Projections - The company forecasts net profits attributable to shareholders of 3.481 billion yuan, 3.804 billion yuan, and 4.299 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 19, 18, and 16 [2][3].