轨交业务稳步复苏，新兴产业快速突破

Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 55.54 CNY [4][9]. Core Views - The company's revenue for 2023 reached 21.8 billion CNY, a year-on-year increase of 20.88%, and the net profit attributable to shareholders was 3.1 billion CNY, up 21.51% [1][9]. - The rail transit business is steadily recovering, with the company maintaining over 50% market share in domestic urban rail traction systems for 12 consecutive years [2]. - Emerging industries are rapidly advancing, particularly in the IGBT market, where the company holds the leading domestic market share [3]. Summary by Sections Financial Performance - In 2023, the company achieved operating income of 21,798.94 million CNY, a 20.88% increase year-on-year, and a net profit of 3,105.70 million CNY, up 21.51% [1][10]. - Forecasted revenues for 2024, 2025, and 2026 are 25.68 billion CNY, 30.10 billion CNY, and 35.21 billion CNY respectively, with net profits of 3.58 billion CNY, 4.19 billion CNY, and 4.90 billion CNY [9][10]. Business Segments - The rail transit business is recovering, with significant investments in China's railway construction, which reached 764.5 billion CNY in 2023, a 7.5% increase [2]. - The company has successfully developed new products and markets, achieving breakthroughs in key technologies such as the CR450 high-speed performance tests and autonomous driving trials for heavy-duty trains [2]. Market Position - The company maintains a leading position in the urban rail traction system market with over 50% market share, and its permanent magnet traction systems are becoming mainstream [2]. - In the IGBT market, the company leads with a significant share in rail transit and power grid sectors, and has made rapid inroads into the new energy vehicle market with a 12.5% market share [3]. Future Outlook - The company is expected to continue its growth trajectory, with a projected PE ratio of 22 times for 2024 and a target price of 55.54 CNY [4][9]. - The company is also expanding its overseas business, securing multiple orders in Asia, Europe, and America, and has seen significant growth in maintenance revenue [2].