2023年年报及2024年一季报点评：2023年营收增长33%；业务板块升级完善

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future performance [1][2]. Core Insights - In 2023, the company achieved a revenue of 2.49 billion, representing a year-over-year growth of 32.9%, and a net profit of 0.81 billion, with a growth of 30.4% [1]. - The company has successfully expanded its market presence and exceeded its annual targets, with a notable performance in the fourth quarter of 2023, where revenue grew by 31.9% year-over-year [1]. - The establishment of subsidiaries is expected to enhance the company's business layout, particularly in supporting domestic large aircraft manufacturing [1]. Financial Performance Summary - For 2023, the company reported a gross margin of 43.7% and a net margin of 32.7%, with slight decreases compared to the previous year [1]. - The revenue breakdown shows that forged products accounted for 90% of total revenue, while free forgings saw a significant growth of 93.6% year-over-year [1]. - The company has improved its cost control, with a decrease in the expense ratio to 3.6% in 2023 [1]. Future Projections - The company is projected to achieve net profits of 1.00 billion, 1.23 billion, and 1.48 billion for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 14x, 11x, and 9x [1][11]. - Revenue is expected to grow to 3.05 billion in 2024, with a growth rate of 22.5% [11]. - The company’s strategic focus on the aviation sector is anticipated to drive future growth and profitability [1].