高空安全防护设备龙头，国内+海外需求共振

Investment Rating - The report maintains a "Buy" rating for the company [3][13]. Core Views - The company is a leader in high-altitude safety protection equipment, benefiting from both domestic and overseas demand [1][11]. - In Q4 2023, the company achieved revenue of 405 million yuan, a year-on-year increase of 70.48% and a quarter-on-quarter increase of 56.85% [1]. - The company's net profit attributable to shareholders reached 88 million yuan in Q4 2023, representing a year-on-year increase of 281.28% and a quarter-on-quarter increase of 140.06% [1]. - The gross profit margin for Q4 2023 was 46.21%, up 0.96 percentage points year-on-year and 0.8 percentage points quarter-on-quarter [1]. Financial Performance - For the full year 2023, the company reported total revenue of 1.105 billion yuan, a year-on-year increase of 38.17%, and a net profit attributable to shareholders of 207 million yuan, a year-on-year increase of 33.33% [9]. - The gross profit margin for the entire year was 46.13%, an increase of 2.46 percentage points year-on-year [9]. - The company’s net profit margin for 2023 was 18.73%, a decrease of 0.68 percentage points year-on-year [9]. Regional Performance - Domestic sales revenue in mainland China was 562 million yuan, a year-on-year increase of 16.84%, accounting for 50.9% of total revenue [2]. - International sales revenue was 542 million yuan, a year-on-year increase of 73.55%, accounting for 49.1% of total revenue [2]. Product Performance - Revenue from high-altitude safety lifting equipment was 763 million yuan, a year-on-year increase of 40.34%, making up 69.10% of total revenue [10]. - Revenue from high-altitude safety protection equipment was 287 million yuan, a year-on-year increase of 48.47%, accounting for 25.98% of total revenue [10]. - Revenue from high-altitude safety operation services was 45 million yuan, a year-on-year decrease of 19.64%, accounting for 4.11% of total revenue [10]. Profit Forecast - The profit forecast for 2024-2026 has been adjusted, with expected net profits of 254 million, 311 million, and 374 million yuan respectively [3]. - The corresponding price-to-earnings ratios are projected to be 25.55, 20.87, and 17.38 times [3]. Market Trends - The domestic wind power industry is experiencing continuous growth, with both domestic and global wind power installations reaching historical highs in 2023 [11]. - The company is expanding its product matrix, including high-value products such as industrial lifting equipment and intelligent safety devices, which are expected to drive sales growth [11].