Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company has demonstrated stable profitability and high dividend returns in its first year of listing, with a focus on downstream sectors such as nuclear power and wind power [2][12] - The company achieved a revenue of 5.23 billion yuan in 2023, representing a year-on-year increase of 16.25%, and a net profit of 1.01 billion yuan, up 11.34% year-on-year [7][8] - The company is expected to benefit from strong demand in the nuclear power and wind power sectors, with significant growth potential in the coming years [12][13] Financial Performance - In 2023, the company reported a gross margin of 38.90%, an increase of 2.50 percentage points year-on-year, while the net margin was 19.25%, a decrease of 0.96 percentage points [8] - The company’s operating cash flow was 52.23 million yuan, down 19.68% year-on-year, with a weighted average return on equity of 14.22% [7][8] - The company plans to distribute a dividend of 10 yuan (including tax) for every 10 shares [7] Revenue and Profit Forecast - The company forecasts revenues of 6.39 billion yuan, 7.92 billion yuan, and 9.97 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.35 billion yuan, 1.68 billion yuan, and 2.20 billion yuan [13] - The earnings per share (EPS) are projected to be 2.26 yuan, 2.80 yuan, and 3.66 yuan for the same years [13] Market Position and Growth Drivers - The company has established itself as a leader in the development of high-speed sliding bearings, with a focus on the oil film technology [12] - The company has expanded its customer base and is actively exploring new applications in various industries, including pharmaceuticals and aerospace [12] - The report highlights the company's strong growth in the wind power sector, with a 275.43% increase in revenue from wind turbine gearbox sliding bearings in 2023 [12]
23年年报点评：上市首年高分红、盈利能力稳定，关注核电、风电等下游景气度兑现