Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 39.28 CNY and projected PE ratios of 21, 17, and 13 for the years 2024, 2025, and 2026 respectively [14][16]. Core Insights - The company has shown significant growth in revenue and net profit, with 2023 revenue reaching 555 million CNY, a year-on-year increase of 23.86%, and net profit of 87 million CNY, up 24.20% year-on-year [11][14]. - The company is positioned as a rare player in the domestic market for scroll compressors, with ongoing efforts to explore overseas market demand and continuous innovation in new product development [14]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 684 million CNY, 861 million CNY, and 1,082 million CNY respectively, with growth rates of 23.3%, 25.7%, and 25.8% [4][14]. - Net profit forecasts for the same years are 108 million CNY, 137 million CNY, and 176 million CNY, with growth rates of 23.4%, 27.4%, and 28.2% [4][14]. - The company's overall gross margin for 2023 was 28.44%, an increase of 2.50 percentage points year-on-year, attributed to an optimized sales structure [13]. Business Performance - The company achieved revenue of 1.93 million CNY from heat pump applications, 2.01 million CNY from commercial air conditioning, 1.45 million CNY from refrigeration, and 0.14 million CNY from automotive applications in 2023, with respective year-on-year growth rates of 11.83%, 19.96%, 39.79%, and 423.49% [12]. - The company has increased its investment in market promotion, internal management, and new product development, leading to a rise in expense ratios [2][13].
2023年年报及2024年一季报点评：国产替代持续演绎，盈利能力提升