2023年报点评：营收利润同比增长，天台项目顺利推进

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved significant growth in revenue and net profit in 2023, with revenue reaching 2.593 billion yuan, a year-on-year increase of 11.03%, and net profit attributable to shareholders rising by 112.60% to 242 million yuan [3][5] - The company is progressing well with its Tian Tai project, which is expected to enhance production capacity and market share [9][14] - The demand for long-distance conveyor belts is anticipated to increase as they replace traditional truck transportation due to their safety, environmental benefits, and efficiency [9][14] Financial Performance Summary - In Q4 2023, the company reported a revenue of 738 million yuan, up 15.66% year-on-year and 12.84% quarter-on-quarter, with a net profit of 80.83 million yuan, reflecting a year-on-year increase of 177.68% [4][44] - The company produced 80.32 million square meters of various rubber conveyor belts in 2023, marking an 11.02% increase from the previous year [5] - The gross profit margin for 2023 was 20.75%, up 3.78 percentage points year-on-year, while the net profit margin improved to 9.40%, an increase of 4.55 percentage points [3][5] Future Earnings Forecast - The company is projected to achieve net profits of 311 million yuan, 399 million yuan, and 498 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 10, 8, and 6 [15][71]