分接开关高景气持续受益，高分红比例彰显发展信心

Investment Rating - The report assigns a "Buy" rating to the company, with a current price of 19.66 CNY and a reasonable value of 22.25 CNY, maintaining the previous "Buy" rating [35][40]. Core Insights - The company achieved a revenue of 1.961 billion CNY in 2023, representing a year-on-year growth of 14.6%, and a net profit attributable to shareholders of 542 million CNY, up 50.9% year-on-year [40]. - The company is positioned as a leader in the power equipment sector, benefiting from high demand for on-load tap changers and expanding overseas markets [40][37]. - The report highlights the company's strong financial performance, with a gross margin of 52.2% and a net margin of 28.1% in 2023, indicating improved profitability [40]. Financial Forecasts - Revenue projections for the company are as follows: 2024E at 2.325 billion CNY, 2025E at 2.698 billion CNY, and 2026E at 3.037 billion CNY, with growth rates of 18.6%, 16.0%, and 12.5% respectively [2][22]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.74 CNY, 0.90 CNY, and 1.05 CNY respectively, reflecting a strong growth trajectory [22][40]. - The report anticipates a gross margin for the on-load tap changer business of 59.0% in 2024, increasing to 60.0% in 2025 and 2026, supported by a shift in procurement strategies towards quality [22][40]. Business Segments - The on-load tap changer business is expected to see revenue growth of 18% in 2024, 15% in 2025, and 12% in 2026, driven by domestic grid expansion and the integration of renewable energy [22][40]. - The maintenance service business is projected to grow at rates of 30%, 25%, and 20% from 2024 to 2026, with a stable gross margin of 65% [23][40]. - The CNC machine tool business is forecasted to grow at 10% annually from 2024 to 2026, maintaining a gross margin of 20% [24][40].