2023年报点评：业绩符合预期，电源业务加速成长

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has solidified its advantages in the sawing business, with revenue from this segment reaching 670 million yuan in 2023, a year-on-year increase of 7.5%, and a net profit attributable to the parent company of 160 million yuan, up 16.6% year-on-year. The company ranks first in domestic sales of bimetal band saw blades and is among the top three globally, holding nearly 35% market share domestically and over 40% of China's saw products exported overseas. The company benefits from the trend of domestic substitution and product exports in the sawing industry, supported by its scale advantages. The product structure continues to upgrade, with mid-to-high-end sawing products accounting for 62% of sawing business revenue in 2023, an increase of 9.6 percentage points year-on-year, which is expected to enhance the company's profitability in the future [1][2] Summary by Sections Revenue and Profit Forecast - Due to the impact of the company's capacity ramp-up, the profit forecast for 2024-2025 has been revised downwards. The expected revenue for 2024-2026 is 2.63 billion, 3.61 billion, and 4.68 billion yuan respectively, with net profits attributable to the parent company projected at 240 million, 350 million, and 450 million yuan. The corresponding P/E ratios are 19.8, 13.6, and 10.6 times. The company is expected to maintain its leading position in the sawing field and expand into the power supply market, with good cooperation with customers likely to bring future growth [2] Financial Data - In 2023, the company achieved total revenue of 1.845 billion yuan, a year-on-year increase of 88.66%, and a net profit of 133 million yuan, up 1.97% year-on-year. The gross margin for 2023 was 18.8%, a decrease of 21.3 percentage points year-on-year, while the net profit margin was 6.4%, down 5.4 percentage points year-on-year, primarily due to the investment phase of the high-power power supply business [10][11] Business Segments - The power supply business is currently in an adjustment and layout phase, with high-power power supplies expected to become a new growth driver. In 2023, the power supply business generated revenue of 1.17 billion yuan, with a loss of 26 million yuan. The company is focusing on expanding product lines such as photovoltaic inverters, photovoltaic optimizers, energy storage converters, server power modules, household DC charging piles, and fast charging power modules. The data center power supply business is expected to benefit from the domestic demand for high computing power. The profitability of the high-power power supply business is temporarily under pressure due to low capacity utilization and increased R&D and depreciation costs. However, the company has secured orders, and performance is expected to improve as capacity is released and orders are fulfilled [11]