2023年报及2024年一季报点评：业绩改善逻辑兑现，精密制造佳音可期

Investment Rating - The report upgrades the investment rating to "Strong Buy" with a target price of 14.66 CNY, up from the current price of 10.02 CNY [3][4]. Core Insights - The company reported a revenue of 4.139 billion CNY in 2023, a year-on-year decrease of 1.11%, while the net profit attributable to shareholders was 81 million CNY, an increase of 7.56% [3]. - The first quarter of 2024 showed significant improvement with a revenue of 1.063 billion CNY, a year-on-year increase of 19.64%, and a net profit of 78 million CNY, up 83.68% [3]. - The traditional business segments, including interior and exterior parts, showed stable performance, contributing significantly to revenue [4]. - The company is entering new markets, such as precision ball screws for automotive and humanoid robots, which is expected to provide additional growth opportunities [4]. Financial Summary - The company’s total revenue is projected to grow from 4.139 billion CNY in 2023 to 5.744 billion CNY by 2026, with a compound annual growth rate (CAGR) of approximately 8.4% [2][17]. - The net profit attributable to shareholders is expected to increase from 81 million CNY in 2023 to 408 million CNY in 2026, reflecting a strong growth trajectory [17]. - The earnings per share (EPS) is forecasted to rise from 0.20 CNY in 2023 to 1.02 CNY in 2026, indicating improved profitability [17].