2023年年报点评：工控稳定增长，电车业务进入收获期

Investment Rating - The investment rating for the company is "Hold" [1] Core Views - The company achieved a revenue of 30.42 billion yuan in 2023, representing a year-on-year growth of 32.2%, and a net profit attributable to shareholders of 4.74 billion yuan, up 9.8% year-on-year [2] - In Q1 2024, the company reported a revenue of 6.49 billion yuan, a 35.8% increase year-on-year, and a net profit of 0.81 billion yuan, growing 8.6% year-on-year [2] - The company's profitability is under short-term pressure, but expense control is relatively good [2] - The general automation segment saw significant growth, with sales revenue reaching 15.04 billion yuan in 2023, up 24.2% year-on-year [2] - The electric vehicle segment experienced over 80% growth in sales revenue, reaching approximately 9.4 billion yuan in 2023 [2] - The digital business is leveraging the company's automation and digital platforms to provide cost-effective solutions [2] - Future revenue projections for 2024-2026 are 38.43 billion yuan, 46.16 billion yuan, and 52.77 billion yuan, with net profit growth rates of 28.6%, 21.9%, and 15.9% respectively [2][3] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 30.42 billion yuan and a net profit of 4.74 billion yuan, with a year-on-year growth of 32.2% and 9.8% respectively [2] - The gross profit margin for 2023 was 33.6%, and the net profit margin was 15.7%, both showing a slight decline compared to the previous year [2] - For Q1 2024, the company achieved a revenue of 6.49 billion yuan and a net profit of 0.81 billion yuan, with year-on-year growth rates of 35.8% and 8.6% respectively [2] Business Segments - The general automation segment generated sales of 15.04 billion yuan in 2023, with a growth rate of 24.2% [2] - The electric vehicle segment's sales revenue reached approximately 9.4 billion yuan in 2023, reflecting an over 80% increase [2] - The digital business is enhancing its offerings through automation and digital solutions, contributing to overall growth [2] Future Outlook - Revenue forecasts for 2024-2026 are 38.43 billion yuan, 46.16 billion yuan, and 52.77 billion yuan, with corresponding net profit growth rates of 28.6%, 21.9%, and 15.9% [2][3] - The company is expected to maintain its leading position in the industrial control sector, benefiting from accelerated domestic substitution processes and diversified business growth [2]