Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [36]. Core Insights - The company achieved a revenue of 738.1 million yuan in 2023, a slight decline of 1.55% year-on-year, while net profit increased by 22.16% to 150 million yuan [13]. - The company is focusing on expanding its presence in the robot core components sector, having established a dedicated team for research and development in this area [27]. - The company has a strong market position in the automotive wheel hub bearing aftermarket, with significant growth potential due to its low market share [21]. Revenue Breakdown - Revenue from the braking system bearings reached 567 million yuan in 2023, a year-on-year increase of 2.7% [3]. - Revenue from the transmission system bearings was 95 million yuan, down 21% year-on-year [3]. - Revenue from the power system bearings was 55 million yuan, up 10.9% year-on-year [3]. - Non-automotive bearings generated 12 million yuan, a decline of 27% year-on-year [3]. Geographic Revenue Distribution - The overseas market is a major revenue source, with overseas revenue accounting for 69.2% of total revenue in 2023, compared to 70.1% in 2022 [5]. Profitability Metrics - The overall gross margin for 2023 was 32.1%, an increase of 5.9 percentage points from 2022, primarily due to a decrease in raw material prices [16]. - The net profit margin for 2023 was 20.3%, up 3.9 percentage points from the previous year [16]. Future Earnings Forecast - The company is projected to achieve net profits of 190 million yuan, 230 million yuan, and 290 million yuan for the years 2024, 2025, and 2026, respectively [28]. - The expected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 17, 14, and 11 times, respectively [28].
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