业绩短期承压，静待下游回暖

Investment Rating - The report maintains a "Buy" rating for the company [24][28]. Core Insights - The company reported a revenue of 2.66 billion RMB in 2023, a decrease of 1.35% year-on-year, and a net profit attributable to shareholders of 396 million RMB, down 4.4% year-on-year [23]. - The company sold approximately 654,500 gear reducers in 2023, representing a growth of about 7.64% despite a challenging market environment [23]. - The gross profit margin for 2023 was 26.01%, a decrease of 0.73 percentage points year-on-year, while the net profit margin was 14.78%, an increase of 0.49 percentage points year-on-year [23]. Summary by Sections Revenue and Profitability - The company’s revenue for 2023 was 2.66 billion RMB, with a projected increase to 3.04 billion RMB in 2024, reflecting a growth rate of 14.24% [27]. - The net profit is expected to rise from 396 million RMB in 2023 to 469 million RMB in 2024, indicating a growth rate of 18.48% [27]. Market Conditions - The general demand for gear reducers is currently at a bottoming stage, with expectations for recovery as global manufacturing PMI rebounds [23]. - The company is focusing on high-end brand development strategies to capture new growth opportunities in the market [23]. Financial Metrics - The report projects a PE ratio of 19, 16, and 14 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation outlook [24]. - The return on equity (ROE) is expected to stabilize around 12.14% in 2024, slightly improving to 12.86% by 2025 [27].