OKE(SH:688308) Tebon Securities·2024-04-10 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [12][14]. Core Insights - The company has experienced a slight decline in revenue, with a 2.73% year-over-year decrease, attributed to market demand fluctuations [17]. - The company is focusing on enhancing its product matrix and deepening its engagement in the end market, which includes significant advancements in R&D and product innovation [4][5]. - Financial forecasts for 2024-2026 predict revenue growth of 25.3%, 19.5%, and 17.7% respectively, alongside net profit growth of 26.2%, 25.8%, and 26.2% [18]. Financial Overview - Total revenue for 2023 was 1,026 million, with a projected increase to 1,286 million in 2024 [2]. - The net profit for 2023 was 166 million, with expectations of rising to 210 million in 2024 [2]. - The company's gross margin for 2023 was 29.3%, with projections for gradual improvement in subsequent years [11]. Product and Market Analysis - The company has seen a decrease in revenue from CNC tool products, which accounted for 56.36% of total revenue in 2023, down 9.98% year-over-year [24]. - Conversely, revenue from hard alloy products increased by 9.98%, making up 43.40% of total revenue [24]. - The overseas market showed strong growth, with a 31.44% increase in revenue, highlighting successful international expansion efforts [24].