Hiecise(300809) Soochow Securities·2024-04-16 16:00Investment Rating - The report maintains an "Accumulate" rating for Huachen Equipment (300809) [10][12]. Core Views - The company is a leading domestic manufacturer of roller grinding machines, with significant growth in revenue and net profit in 2023, driven by the recovery of equipment delivery and stable income recognition [10][12]. - The company has signed an agreement with Best to provide precision CNC linear guide grinding machines, indicating strong capabilities in the grinding machine sector and potential benefits from the domestic machine tool market and humanoid robot demand [10][12]. - Future profit forecasts for 2024-2026 are projected at 150 million, 180 million, and 217 million yuan respectively, with corresponding dynamic P/E ratios of 36, 30, and 25 times [10][12]. Financial Performance Summary - In 2023, the company achieved total revenue of 479.16 million yuan, a year-on-year increase of 42.48%, and a net profit attributable to shareholders of 117.75 million yuan, up 149.41% year-on-year [10][12]. - The gross profit margin for 2023 was 34.3%, an increase of 1 percentage point year-on-year, while the net profit margin reached 25.6%, up 9.3 percentage points year-on-year [22]. - The company’s operating cash flow for 2023 was 24 million yuan, with a significant increase in accounts receivable recovery contributing to profit growth [22][24].