业绩符合预期，持续稳健增长

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 20% compared to the relevant market index within the next six months [6][7]. Core Insights - The company has demonstrated stable and robust growth, with 2023 revenue reaching 1.37 billion, a year-on-year increase of 12.7%, and a net profit of 350 million, up 12.1% year-on-year. The fourth quarter of 2023 saw revenue of 380 million, a 22.8% increase year-on-year, and a net profit of 98.46 million, up 40.0% year-on-year [22]. - The company has implemented an equity incentive plan, reflecting management's confidence in future performance, with targets set for net profit growth rates of no less than 25%, 35%, and 45% for the years 2024, 2025, and 2026, respectively [23]. Financial Performance - The company's comprehensive gross margin for 2023 was 49.7%, a decrease of 1.7 percentage points year-on-year, primarily due to an increase in the proportion of incremental business. The net profit margin was 25.3%, down 0.1 percentage points year-on-year. In Q1 2024, the gross margin was 48.0%, down 6.0 percentage points year-on-year, and the net profit margin was 24.7%, down 3.4 percentage points year-on-year [6][7]. - The company’s operating expense ratio for 2023 was 21.7%, remaining stable year-on-year. In Q1 2024, this ratio decreased to 19.9%, down 3.2 percentage points year-on-year [2]. Revenue and Profit Forecast - The company is expected to achieve a compound annual growth rate (CAGR) of 17% in net profit from 2024 to 2026, with projected net profits of 405 million, 481 million, and 555 million for the years 2024, 2025, and 2026, respectively [7][24]. - Revenue from the equipment manufacturing sector is projected to grow by 12.73% in 2024, with further increases expected in subsequent years [28]. Business Segments - The oil and chemical sector is anticipated to see a 20% year-on-year increase in orders from 2024 to 2026, with gross margins expected to improve to 66% by 2026 [11]. - The mining machinery segment is expected to recover to pre-pandemic levels, with projected order growth of 20%, 15%, and 10% from 2024 to 2026, and gross margins increasing to 38% by 2026 [12].