盈利水平增强，海外需求旺盛，看好行业长期发展机遇

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index within the next six months [4][11]. Core Views - The company has shown enhanced profitability and strong overseas demand, with a projected revenue growth from 3.32 billion yuan in 2023 to 5.28 billion yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 15.3% [4][14]. - The net profit is expected to increase from 609 million yuan in 2023 to 969 million yuan in 2026, with a steady growth rate of around 15.2% [4][20]. - The company is focusing on high-end CNC machine tools and expanding its production capacity both domestically and internationally, with overseas revenue reaching 594 million yuan in 2023, a year-on-year increase of 76.06% [4][14]. Financial Summary - Revenue for 2022 was 3.18 billion yuan, with a year-on-year growth of 16.4%, while 2023 revenue is projected at 3.32 billion yuan, a growth of 4.6% [20]. - The gross profit margin improved to 29.94% in 2023, up 2.63 percentage points from the previous year, indicating strong market competitiveness despite a challenging environment [4][14]. - The company’s return on equity (ROE) is projected to remain robust at 26.4% in 2023, slightly increasing from 26.2% in 2022 [20]. Product Performance - The CNC gantry machining center reported a revenue of 1.70 billion yuan in 2023, a decline of 6.29% year-on-year, while the CNC horizontal machining center saw a significant increase in revenue by 48.30% to 492 million yuan [4][14]. - The CNC vertical machining center experienced a revenue drop of 5.34%, indicating mixed performance across product lines [4][14]. Market Outlook - The report highlights a favorable long-term outlook for the industry, driven by macroeconomic policies and the demand for equipment upgrades in various sectors [15][18]. - The company is actively innovating its product offerings to meet the high-speed processing needs of the electric vehicle industry, enhancing its competitive edge in the market [4][14].