2023年报&2024年一季报点评：营收稳健增长，整硬刀具等新业务逐步放量

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [3][9]. Core Views - The company achieved a revenue of 794.27 million yuan in 2023, representing a year-on-year growth of 32.0%. However, the net profit attributable to shareholders decreased by 4.85% to 157.91 million yuan due to increased expenses [9]. - The company is experiencing steady revenue growth, with a strong order backlog in its main business of cutting tools, while actively expanding into new hard tool businesses. The recovery of domestic manufacturing and further overseas market expansion are expected to drive performance recovery [9]. - The report highlights that the company's gross profit margin decreased to 45.5% in 2023, down 3.4 percentage points year-on-year, primarily due to the ramp-up phase of new hard tools and increased fixed costs [9]. Financial Summary - The total revenue forecast for 2024 is 940 million yuan, with a year-on-year growth of 18.35%. The net profit attributable to shareholders is projected to be 198.89 million yuan, reflecting a significant recovery of 25.95% [9]. - The report provides detailed financial metrics, including a projected EPS of 3.22 yuan for 2024, with a corresponding P/E ratio of 18.75 [9]. - The company’s operating cash flow for 2023 is reported at 518 million yuan, with a net increase in cash of 454 million yuan, indicating strong cash generation capabilities [5]. Business Performance - Domestic business revenue reached 743 million yuan in 2023, growing by 30.3%, while overseas business revenue surged by 60.9% to 46.76 million yuan [9]. - The report notes that the company has successfully completed its IPO fundraising projects, which will alleviate capacity constraints and enhance product offerings [9]. - The company is actively expanding its overseas market presence, participating in international exhibitions to enhance brand recognition and market reach [9].