23年营收高速增长，业务积极扩张

Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Views - The company's performance is under pressure due to a decline in industry prosperity, but it is actively increasing R&D investment and expanding into new business areas. In 2023, R&D expenses reached 104 million RMB, a year-on-year increase of 54.05%. The company is focusing on the second and third growth curves, with key growth drivers expected to be the development of aerogels for power batteries and automation assembly and testing equipment for consumer electronics [1]. - The customer structure for the company's functional devices is continuously optimizing, with a significant client, Fuhaihua Industrial (Shenzhen) Co., Ltd., accounting for 57.01% of total revenue in 2023, down from 66.37% in 2022. This indicates an improvement in revenue structure. The company is also expanding into the healthcare sector, which is expected to provide new growth opportunities [1]. - The automation equipment segment is anticipated to benefit from production line relocations and upgrades in end products. In 2023, revenue from smart automation equipment reached 677 million RMB, a year-on-year increase of 86.12%. The demand for new equipment is driven by the relocation of production lines to India and Southeast Asia and the strong customization needs for new products [1]. Financial Summary - The company achieved a revenue of 1.687 billion RMB in 2023, a year-on-year growth of 44.20%. However, the net profit attributable to the parent company was 256 million RMB, a decrease of 16.33% compared to the previous year. Forecasts for net profit from 2024 to 2026 are 319 million RMB, 409 million RMB, and 453 million RMB, representing year-on-year growth rates of 24.69%, 28.18%, and 10.76%, respectively [3][9]. - The company's price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 13.79, 10.76, and 9.71, respectively, indicating a favorable valuation outlook [1][3].