2023年报&2024一季报点评： 通用设备注塑机行业需求复苏，大型压铸机不断成长

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [3][28]. Core Insights - The injection molding machine industry is expected to recover, with significant growth in large die-casting machines driven by demand from the automotive sector, particularly in new energy vehicles [2][7][8]. - The company reported a total revenue of 4.096 billion yuan in 2023, a year-on-year increase of 11.30%, and a net profit attributable to shareholders of 477 million yuan, up 17.66% year-on-year [3][9]. - The first quarter of 2024 showed continued improvement, with total revenue reaching 955 million yuan, a year-on-year increase of 11.72%, and a net profit of 116 million yuan, up 28.83% [6]. Summary by Relevant Sections Financial Performance - In 2023, the company achieved a gross margin of 33.25%, an increase of 2.13 percentage points year-on-year, and a net profit margin of 12%, up 0.54 percentage points [3][9]. - The company’s revenue is projected to grow to 5.01 billion yuan in 2024, with net profit expected to reach 616 million yuan, reflecting a growth rate of 29.03% [12][9]. Business Segments - The injection molding business generated 2.76 billion yuan in revenue, a 3.86% increase year-on-year, while the die-casting business saw revenue of 780 million yuan, a significant growth of 35.44% [3][9]. - The automotive sector contributed 1.142 billion yuan in revenue, marking a 22.85% increase, while the 3C industry saw a 33.65% increase in revenue to 554 million yuan [3][9]. Market Outlook - The report highlights a positive outlook for the injection molding machine industry, driven by recovering demand in the automotive and 3C sectors, with expectations for a cyclical recovery in 2024 [7][8]. - The company is positioned as the second-largest player in the domestic injection molding machine market and is expected to benefit from the industry's recovery [7].