23年业绩稳增，看好航发及外贸弹性

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 30.97 CNY per share based on a 30x PE for 2024 [24][27]. Core Insights - The company reported a revenue of 1.385 billion CNY for 2023, reflecting a year-on-year growth of 34.12%. The net profit attributable to shareholders was 330 million CNY, up 29.64% year-on-year [4][17]. - In Q1 2024, the company achieved a revenue of 350 million CNY, with a net profit of 91 million CNY, marking a year-on-year growth of 5.70% and 8.75% respectively [4][17]. - The company is expected to benefit from the recovery in the aerospace and foreign trade sectors, with a stable growth outlook for 2024 [17]. Financial Performance Summary - For 2023, the company’s revenue from high-temperature alloys, deformed high-temperature alloys, special stainless steel, and other alloy products were 624 million CNY, 441 million CNY, 84 million CNY, and 183 million CNY respectively, with year-on-year growth rates of 31.39%, 38.10%, -6.91%, and 44.96% [17]. - The overseas revenue reached 123 million CNY in 2023, growing by 35.57% year-on-year, indicating strong international demand [17]. - The company’s net profit growth was slightly lower than revenue growth due to product mix effects, but it still maintained a high level of profitability [17]. Earnings Forecast - The expected EPS for the company for 2024, 2025, and 2026 are projected to be 1.03 CNY, 1.32 CNY, and 1.59 CNY respectively [18][44]. - The report anticipates a continued increase in revenue and net profit over the next few years, with growth rates of 21.5% for 2024 and 29.2% for 2025 [44].