Hiecise(300809) EBSCN·2024-04-13 16:00Investment Rating - The report maintains an "Accumulate" rating for the company with a current price of 23.25 yuan [2] Core Insights - The company reported a significant revenue increase of 42.48% year-on-year for 2023, achieving 479 million yuan, and a 21.29% increase in Q1 2024, reaching 125 million yuan. The net profit attributable to shareholders rose by 149.41% to 118 million yuan in 2023 and by 81.14% to 27 million yuan in Q1 2024 [2] - The improvement in accounts receivable collection and stabilization of client deliveries contributed to the strong performance in 2023. The company has successfully expanded its high-end CNC roller grinding machine market, providing equipment and solutions for various industries [2][9] - The company has launched new products, including ultra-fine composite grinding series and precision thread grinding machines, which are expected to drive future growth [2][9] Financial Performance Summary - In 2023, the company achieved a revenue of 479 million yuan, with a gross margin of 34.30% and a net margin of 25.62%, both showing year-on-year improvements [2] - The company’s operating profit for 2023 was 139 million yuan, with a net profit of 118 million yuan, reflecting a strong recovery from the previous year [4] - The earnings per share (EPS) for 2023 was 0.47 yuan, with projections for 2024 and 2025 at 0.60 yuan and 0.77 yuan respectively [10] Future Outlook - The company is expected to continue its growth trajectory with projected net profits of 151 million yuan in 2024 and 195 million yuan in 2025, corresponding to an EPS of 0.60 and 0.77 yuan [10] - The introduction of new products and improvements in operational efficiency are anticipated to enhance the company's market position and profitability [2][9]