2023年业绩快报点评：强α持续凸显，无惧周期

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 30.42 billion yuan in 2023, representing a year-on-year increase of 32%, while the net profit attributable to shareholders was 4.75 billion yuan, up 10% year-on-year, aligning with market expectations [3] - The company's net profit margin slightly decreased due to a higher proportion of lower-margin revenue from the new energy vehicle sector, credit impairment losses, and inventory write-downs, although overall expense control was effective [3] - The company significantly increased its market share in general automation, with traditional industries recovering, while the new energy sector may face challenges due to high base effects from the previous year [3] - The new energy vehicle segment is expected to cross the breakeven point in 2023, with continued high sales growth driving profit release [3] - The elevator segment is projected to see stable growth, with a revenue increase of 0-5% expected in 2023, supported by real estate recovery and policy effects [3] Financial Forecast and Valuation - The company is expected to achieve net profits of 4.75 billion yuan, 6.08 billion yuan, and 7.31 billion yuan for 2023, 2024, and 2025 respectively, with year-on-year growth rates of 10%, 28%, and 20% [4] - The target price is set at 79.5 yuan, based on a valuation of 35 times earnings for 2024 [4] - The current price-to-earnings ratio is projected to be 34 times for 2023, 27 times for 2024, and 23 times for 2025 [4]