23年业绩表现整体稳健，订单充沛产能持续扩张

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 9.50 CNY for the next 6 months [10][12]. Core Views - The company is expected to maintain steady revenue growth due to a strong order backlog and improved operational efficiency in supply chain management [2][8]. - The company has a market share of approximately 15% in the global corrugated packaging equipment industry, ranking first among domestic peers and second globally [2]. - The company is actively expanding its production capacity, including the establishment of a new European headquarters for Fosber Group in Italy, with a planned investment exceeding 40 million euros [3]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 4.75 billion CNY, a year-on-year increase of 21.91%, while the net profit attributable to shareholders was 433 million CNY, a decrease of 3.12% [8][21]. - The gross margin for 2023 was 29.21%, an increase of 1.99 percentage points year-on-year, with the fourth quarter gross margin at 30.48% [7][9]. - The company reported a net profit margin of 9.91% for the year, down 2.52 percentage points year-on-year, with a fourth quarter net profit margin of 11.52% [7][9]. Order and Production Capacity - The company received orders totaling approximately 5.4 billion CNY in 2023, with a backlog of about 3.635 billion CNY at the end of the year, indicating strong future revenue potential [2][8]. - The company is enhancing its production capabilities, with plans to increase the capacity of corrugated roller pressure rollers by nearly 60% through a 10 million euro investment by its subsidiary Tiruña [3]. Market Position and Growth Prospects - The global market size for corrugated packaging equipment is estimated to be around 30-40 billion CNY, with the company holding a significant market position [2]. - The company is expected to achieve revenue growth of 15.04%, 15.45%, and 14.26% for the years 2024 to 2026, respectively, with net profit growth projected at 40.32%, 15.69%, and 14.84% [12][21].