业绩短暂承压，机器人打开成长空间

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [2][5]. Core Views - The company achieved a revenue of 24.558 billion RMB in 2023, representing a year-on-year growth of 15.04%. The net profit attributable to shareholders was 2.921 billion RMB, up 13.51% year-on-year [1][3]. - The revenue for Q4 2023 was 5.582 billion RMB, showing a decline of 2.9% year-on-year, while the net profit for the same period was 761 million RMB, down 19.49% year-on-year. The sales gross margin was 29.24%, a slight increase of 0.61 percentage points year-on-year [1][2]. - For Q1 2024, the company reported a revenue of 6.44 billion RMB, a year-on-year increase of 13.4%, and a net profit of 648 million RMB, up 7.73% year-on-year [1][2]. Revenue Breakdown - In 2023, the refrigeration segment generated 14.6 billion RMB in revenue, while the automotive parts segment contributed 9.9 billion RMB. The refrigeration and automotive parts segments grew by 5.86% and 31.94% year-on-year, respectively [2]. - The sales gross margin for 2023 was 27.89%, with refrigeration and automotive parts margins at 28.2% and 27.43%, respectively [2]. Financial Projections - The company is expected to achieve revenues of 28.703 billion RMB, 35.005 billion RMB, and 43.217 billion RMB for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 16.9%, 22.0%, and 23.5% [2][3]. - Net profit projections for the same years are 3.530 billion RMB, 4.294 billion RMB, and 5.193 billion RMB, with growth rates of 20.9%, 21.6%, and 21.0% [2][3].