Q4毛利率环比提升，海外收入快速增长

Investment Rating - The report maintains a "Buy" rating for the company [15][16]. Core Insights - In 2023, the company's revenue reached 1.77 billion yuan, a year-on-year increase of 22%, with net profit attributable to shareholders growing by 47% to 330 million yuan [13]. - The company achieved a gross margin of 30.5% in 2023, up 3.7 percentage points year-on-year, with specific product margins for amorphous and magnetic powders at 34.2% and 11.2%, respectively [5][14]. - The overseas revenue for 2023 was 650 million yuan, marking a 39% increase year-on-year, contributing approximately 38% to total revenue [14]. Financial Performance Summary - The company reported a gross profit of 540 million yuan in 2023, with a gross margin of 30% expected to remain stable through 2026 [24]. - Operating cash flow improved significantly, with a net inflow of 220 million yuan in 2023 [15]. - The forecast for 2024 estimates net profit attributable to shareholders at 380 million yuan, corresponding to a PE ratio of approximately 26 times [15].