逆周期实现业绩持续高增，盈利能力提升

Investment Rating - The report maintains an "Accumulate" rating for the company [1]. Core Views - The company reported a revenue of 4.096 billion yuan in 2023, representing a year-on-year increase of 11.30%. The net profit attributable to shareholders was 477 million yuan, up 17.66% year-on-year. For Q1 2024, revenue reached 955 million yuan, a year-on-year increase of 11.72%, with a net profit of 116 million yuan, up 28.83% year-on-year [1][5]. Summary by Sections Financial Performance - The company demonstrated strong growth in revenue and profit from Q2 2023 to Q1 2024, with revenue growth rates of 8.31%, 5.95%, 38.27%, and 11.72%, and net profit growth rates of 24.86%, 30.00%, 43.58%, and 28.83% respectively. This indicates the company's ability to grow counter-cyclically in a challenging market environment [6][15]. - The gross margin and net margin for 2023 were 33.25% and 12.00%, respectively, showing increases of 2.13 percentage points and 0.54 percentage points year-on-year. In Q1 2024, these margins improved to 34.80% and 12.37% [6][15]. Industry Outlook - The injection molding and die-casting sectors are expected to experience a rebound in 2024. The company is well-positioned to benefit from this recovery due to its strong market presence and product innovation [2][16]. - The company has launched new product lines, including the SKIII series of precision servo injection molding machines, which are expected to enhance its competitive edge in the market [16]. Profit Forecast and Valuation - The company is projected to achieve net profits of 598 million yuan, 735 million yuan, and 878 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 25%, 23%, and 20%. The corresponding price-to-earnings ratios are expected to be 18, 15, and 12 times [14][16].