市场份额持续提升，盈利端短期承压

Investment Rating - The report assigns a rating of "Accumulate" (downward adjustment) for the company [4][21]. Core Views - The company's performance in 2023 and Q1 2024 was below market expectations, with a full-year revenue of 4.652 billion, a year-on-year increase of 19.87%, but a net profit attributable to shareholders of 135 million, a year-on-year decrease of 18.80% [4][21]. - The report highlights a stable growth in revenue for 2023, with a continuous increase in market share in the domestic industrial robot market, but profitability is under pressure due to rising costs and increased competition [5][20][21]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 46.52 billion, with a year-on-year growth of 19.87%. The net profit attributable to shareholders was 1.35 billion, down 18.80% year-on-year [4][20]. - For Q1 2024, revenue was 1.0 billion, a slight increase of 1.73% year-on-year, but the net profit attributable to shareholders dropped to 6.53 million, a decrease of 84.83% year-on-year [6][21]. Revenue Breakdown - The industrial robots and intelligent manufacturing business generated 36.12 billion in revenue, up 26.50% year-on-year, while the automation core components business brought in 10.4 billion, a 1.42% increase year-on-year [5]. - Domestic and overseas revenues grew by 19.04% and 21.50% respectively, with gross margins of 32.28% and 31.26% [5]. Profitability Analysis - The gross margin for 2023 was 31.93%, down 1.92 percentage points year-on-year, primarily due to increased competition and higher depreciation costs from new factories [20]. - The total expense ratio increased to 33.47% in Q1 2024, up 2.31 percentage points year-on-year, impacting overall profitability [6][20]. Future Projections - The report projects net profits for 2024, 2025, and 2026 to be 2.28 billion, 3.35 billion, and 4.63 billion respectively, reflecting a downward adjustment from previous forecasts [21]. - The company’s current stock price corresponds to a price-to-earnings ratio of 69, 46, and 34 for the years 2024 to 2026 [21].