业绩略超预期，毛利率持续提升

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 25.65 CNY per share, compared to the current price of 21.85 CNY [5][4]. Core Insights - The company reported a revenue of 4.096 billion CNY for 2023, representing a year-on-year growth of 11.3%, and a net profit attributable to shareholders of 477 million CNY, up 17.66% year-on-year [2][3]. - The automotive sector remains robust, with revenue from this segment reaching 1.142 billion CNY in 2023, a growth of 22.85% year-on-year, driven by demand for high-end injection molding and die-casting machines due to the rise of electric vehicles [3]. - The company has seen a significant improvement in gross margins, attributed to a better product mix and a decrease in raw material prices, with the gross margin for injection molding machines at 33.3%, up 2.83 percentage points year-on-year [3][4]. Financial Performance Summary - For 2023, the company achieved a revenue of 4.096 billion CNY, with a growth rate of 11.3% [9]. - The net profit for 2023 was 477 million CNY, reflecting a growth rate of 17.7% [9]. - The company expects net profits to reach 601 million CNY, 782 million CNY, and 967 million CNY for 2024, 2025, and 2026 respectively, with corresponding growth rates of 26.0%, 30.1%, and 23.7% [4][9]. - The earnings per share (EPS) for 2023 was 1.02 CNY, with projections of 1.28 CNY, 1.67 CNY, and 2.06 CNY for the next three years [9].