Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase exceeding the benchmark index by more than 15% [34] Core Views - The company achieved a revenue of 1.32 billion yuan in 2023, representing a year-on-year growth of 8.34%, while the net profit slightly decreased by 1.59% to 219 million yuan [17][26] - The first quarter of 2024 showed a revenue of 333 million yuan, a year-on-year increase of 20.45%, but the net profit dropped by 40.43% to approximately 40.66 million yuan [17][26] - The company is experiencing strong growth in its intelligent CNC equipment and functional film materials businesses, with significant revenue increases of 278.55% and 229.81% respectively in 2023 [18][27] - The company is expanding its overseas market presence, with foreign revenue reaching 47.05 million yuan in 2023, a growth of 183.32% [27] Financial Data and Valuation - The company forecasts revenues of 1.709 billion yuan, 2.108 billion yuan, and 2.505 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 29.4%, 23.4%, and 18.9% [27] - Net profits are projected to be 317 million yuan, 405 million yuan, and 496 million yuan for the same years, with growth rates of 44.5%, 27.6%, and 22.5% respectively [27] - The report indicates an expected EPS of 0.77 yuan, 0.99 yuan, and 1.21 yuan for 2024, 2025, and 2026, with corresponding P/E ratios of 24.0X, 18.8X, and 15.3X based on the closing price of 18.53 yuan [34]
2023公司总体平稳运行，第二成长曲线及境外市场表现优异