业绩稳健增长，期待风电轴承及丝杠业务放量

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the next six months [20][21]. Core Insights - The company has shown steady revenue growth, with a reported revenue of 1.105 billion yuan in 2023, a year-on-year increase of 3.18%. The net profit attributable to shareholders reached 242 million yuan, a significant increase of 137.26% compared to the previous year [19][20]. - The gross margin for 2023 was 35.81%, reflecting an improvement of 6.43 percentage points year-on-year, indicating enhanced profitability [19]. - The company is expected to benefit from the growing demand for wind power bearings and screw rod business, which are anticipated to become significant growth drivers [7][20]. Financial Performance Summary - Revenue Forecast: Projected revenues for 2024, 2025, and 2026 are 1.355 billion yuan, 1.618 billion yuan, and 2.069 billion yuan, respectively, with growth rates of 22.5%, 19.4%, and 27.9% [8][20]. - Net Profit Forecast: Expected net profits for the same period are 284 million yuan, 329 million yuan, and 415 million yuan, with year-on-year growth rates of 17.4%, 15.8%, and 26.0% [8][20]. - Earnings Per Share (EPS): The latest diluted EPS is projected to be 0.95 yuan for 2024, 1.10 yuan for 2025, and 1.39 yuan for 2026 [8][20]. - Valuation Metrics: The current price-to-earnings (P/E) ratio is 15.6 for 2024, 13.5 for 2025, and 10.7 for 2026, indicating potential for upward valuation [8][20]. Cost Control and Efficiency - The company achieved a period expense ratio of 10.95% in 2023, a decrease of 0.23 percentage points from the previous year, demonstrating effective cost management [26].