2023年年报点评：营收同比增长32.90%，三家子公司顺利设立

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 2.494 billion yuan in 2023, representing a year-on-year increase of 32.90%. The net profit attributable to shareholders was 815 million yuan, up 30.39% year-on-year [5][6] - The establishment of three subsidiaries is a milestone event for the company, which will play a significant role in the future development of the company, particularly in the processing and assembly of domestic large aircraft components [1][6] - The company has increased its R&D investment, with R&D expenses reaching approximately 83 million yuan in 2023, a year-on-year increase of 43.25% [5][7] Financial Summary - The company forecasts net profits attributable to shareholders of 1.003 billion yuan and 1.235 billion yuan for 2024 and 2025, respectively, with a new forecast of 1.480 billion yuan for 2026 [2][6] - The projected P/E ratios for 2024, 2025, and 2026 are 14, 11, and 9 times, respectively [2] - The total assets are expected to grow from 8.363 billion yuan in 2023 to 13.977 billion yuan by 2026 [4][18] - The operating income is projected to increase from 2.494 billion yuan in 2023 to 4.403 billion yuan in 2026, with a compound annual growth rate of approximately 18.28% [6][18]