Investment Rating - Buy (Maintained) [2][7] Core Views - The company's 2023 annual revenue was 1.32 billion yuan, a year-on-year increase of 8.34%, while net profit attributable to the parent company was 219 million yuan, a year-on-year decrease of 1.59% [2] - The company's gross margin in 2023 was 36.42%, a year-on-year decrease of 2.3 percentage points, and the net margin was 16.62%, a year-on-year decrease of 1.64 percentage points [2] - In Q4 2023, the company achieved revenue of 393 million yuan, a year-on-year increase of 27.27%, and net profit attributable to the parent company was 50 million yuan, a year-on-year decrease of 7.32% [2] - The company's revenue is expected to reach 1.70/2.10/2.60 billion yuan in 2024/2025/2026, with year-on-year growth rates of 29.03%/23.49%/23.43% [7] - Net profit attributable to the parent company is expected to be 332/417/505 million yuan in 2024/2025/2026, with year-on-year growth rates of 51.34%/25.60%/21.17% [7] Business Performance - The company's tooling business achieved revenue of 1.042 billion yuan in 2023, a year-on-year increase of 0.56%, with a gross margin of 34.53%, a year-on-year decrease of 2.25 percentage points [10] - The company's PCB drill bit shipments in 2023 were approximately 700 million units, with product prices under pressure due to weak downstream demand [10] - The company's functional film materials business achieved revenue of 89.78 million yuan in 2023, a year-on-year increase of 229.81%, with a gross margin of 15.87% [17] - The company's intelligent CNC equipment business achieved revenue of 47.51 million yuan in 2023, a year-on-year increase of 278.55% [18] Industry and Market - The company is a global leader in PCB drill bits, with product premiumization and capacity expansion strengthening its core competitiveness [18] - The company's CNC tooling business has expanded to 3C (including titanium alloys), automotive, aerospace, and dental fields, contributing to incremental performance [10] - The global automotive display market is expected to grow from 192 million units in 2022 to 267 million units by 2030, providing a significant market opportunity for the company's automotive film business [17] Financial Projections - The company's revenue is projected to be 1.70/2.10/2.60 billion yuan in 2024/2025/2026, with net profit attributable to the parent company of 332/417/505 million yuan [7] - The company's gross margin is expected to remain stable at around 36% from 2024 to 2026, with net margins of 19.5%/19.8%/19.5% [11] - The company's ROE is projected to increase from 9.5% in 2023 to 14.3% in 2026 [11] Valuation - The current stock price corresponds to 2024-2026 P/E ratios of 22/18/15x, and P/B ratios of 2.81/2.42/2.11x [7][11]
2023年报点评：全年营收略超预期，费用处理或致Q4单季毛利率下滑