2024Q1利润增长略超预期，毛利率环比提升

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance above the market index over the next six months [7][31]. Core Insights - The company reported a revenue of 4.096 billion yuan in 2023, representing a year-on-year growth of 11.30%, and a net profit attributable to shareholders of 477 million yuan, up 17.67% year-on-year [6][22]. - In Q4 2023, the company achieved a revenue of 1.156 billion yuan, showing a year-on-year increase of 38.27% and a quarter-on-quarter growth of 18.13% [6]. - For Q1 2024, the company reported a revenue of 955 million yuan, a year-on-year increase of 11.72%, and a net profit of 116 million yuan, up 25.48% year-on-year, slightly exceeding expectations due to improved gross margins [6][7]. Financial Performance Summary - The company's gross margin for 2023 was 33.25%, an increase of 2.13 percentage points year-on-year, with Q1 2024 gross margin rising to 34.80% [7][8]. - The net profit margin for 2023 was 12.00%, up 0.53 percentage points year-on-year, while Q1 2024 saw a net profit margin of 12.37%, reflecting a year-on-year increase of 1.36 percentage points [8][7]. - The company expects a compound annual growth rate (CAGR) of 25% for net profit from 2024 to 2026, with projected net profits of 622 million yuan, 770 million yuan, and 938 million yuan for the respective years [7][9]. Business Segment Insights - The injection molding machine segment generated revenue of 2.760 billion yuan in 2023, with a year-on-year growth of 3.86%, accounting for 67% of total revenue [22]. - The die-casting machine segment saw significant growth, with revenue of 780 million yuan, up 35.44% year-on-year, representing 19% of total revenue [22]. - The company anticipates order growth rates for injection molding machines of 20.9%, 21.0%, and 21.1% from 2024 to 2026, with stable gross margins of around 34% [12][28]. Future Projections - The company forecasts total revenue of 4.096 billion yuan for 2024, with a growth rate of 23.71%, and net profit of 622 million yuan, reflecting a growth rate of 30.45% [9][28]. - The die-casting machine orders are expected to grow by 38.6%, 21.3%, and 16.0% from 2024 to 2026, with gross margins projected to improve to 35.5% by 2026 [27][28].