业绩承压，新工艺、海外布局有望带来增量

Investment Rating - The investment rating for the company is "Outperform the Market" [1][20][25] Core Views - The company reported a significant improvement in cash flow, with a net cash flow from operating activities of 236 million yuan in 2023, compared to a negative 199 million yuan in 2022, primarily due to increased contract collections and profit growth [18][39] - The company continues to rely heavily on lithium battery equipment as its main revenue source, with revenue from power and energy storage batteries reaching 2.95 billion yuan in 2023, a year-on-year increase of 26.51% [18][21] - The company is actively expanding its international market presence, with overseas revenue of 327 million yuan in 2023, a year-on-year increase of 68.64%, indicating a strong growth potential compared to domestic performance [19][39] Summary by Sections Financial Performance - In 2023, the company's total revenue was 3.51 billion yuan, up 24.44% year-on-year, while net profit was 286 million yuan, an increase of 7.25% [5][21] - The gross margin for 2023 was 32.93%, a decrease of 3.01 percentage points year-on-year, while the net margin was 8.15%, down 1.31 percentage points [6][21] - The company expects revenue growth of 18.2% in 2024, with net profit projected to grow by 20.3% [20][39] Market Position and Orders - As of the end of 2023, the company had a backlog of orders amounting to 4.048 billion yuan, maintaining a leading market share in lithium battery equipment [7][23] - The company is increasing its efforts in non-lithium battery sectors, with rapid growth in new orders from consumer electronics, fuel cells, and sensors [7][19] Valuation and Forecast - The company is projected to achieve a net profit of 344 million yuan in 2024, with an expected EPS of 1.02 yuan [20][39] - The estimated reasonable valuation range for the company's stock is between 15.23 and 17.26 yuan per share, based on a PE ratio of 15-17 times for 2024 [20][25]