外销高增贡献收入利润，国内市场稳步发展

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [4][15]. Core Views - The company's revenue growth is driven by an increase in export orders, while domestic sales are expected to gradually recover from a low base [15]. - The company reported a total revenue of 14.65 billion yuan in 2023, a year-on-year increase of 6.94%, and a net profit attributable to the parent company of 977.14 million yuan, up 1.64% year-on-year [1][3]. - For Q4 2023, the company achieved a revenue of 3.89 billion yuan, representing a significant year-on-year growth of 30.66%, and a net profit of 241 million yuan, which is a remarkable increase of 105.07% year-on-year [1]. Financial Performance Summary - The company's gross margin for 2023 was 22.74%, an increase of 1.62 percentage points year-on-year, while the net margin was 7.15%, a decrease of 0.37 percentage points year-on-year [5]. - The company plans to distribute a cash dividend of 4.00 yuan per 10 shares, with a payout ratio of 33.5% [1]. - The financial data for 2024E shows projected revenue of 15.79 billion yuan, with a growth rate of 7.79% [3][19]. Expense Ratios - In 2023, the company's sales, management, R&D, and financial expense ratios were 3.96%, 5.87%, 3.79%, and -0.58%, respectively, with slight year-on-year increases [2]. - For Q4 2023, the sales, management, R&D, and financial expense ratios were 4.86%, 7.11%, 3.65%, and 0.6%, showing a decrease in most categories compared to the previous year [2]. Market Position - The company has a total market capitalization of approximately 13.59 billion yuan, with a circulating market value of about 13.52 billion yuan [4]. - The company's earnings per share (EPS) for 2023 was 1.19 yuan, with a projected EPS of 1.37 yuan for 2024 [3][19].