短期需求承压，长期趋势不变

Investment Rating - The investment rating for the company is "Accumulate - A" with a target price of 136 CNY for the next six months [3]. Core Views - Short-term demand is under pressure, but long-term trends remain unchanged. The company reported a revenue of 356.2 million CNY in 2023, a decrease of 20.1% year-on-year, and a net profit of 84.2 million CNY, down 45.8% year-on-year [1][7]. - The demand for industrial robots is under pressure, and competition in the harmonic products is intensifying, affecting profitability. The company sold 211,500 harmonic reducers in 2023, a decline of 17.84% year-on-year [2][7]. - The company is actively expanding its integrated product layout and exploring new application scenarios, achieving a revenue of 34 million CNY from integrated products in 2023, an increase of 30.78% year-on-year [2]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 356.2 million CNY, with a net profit of 84.2 million CNY. The gross margin was 41.14%, down 7.55 percentage points year-on-year [2][8]. - The operating cash flow for 2023 was 149.3 million CNY, a significant increase of 470.83% year-on-year, primarily due to reduced cash payments for goods and services [2][8]. Market Outlook - The industrial robot production in China was 429,500 units in 2023, a decrease of 2.2% year-on-year, but is expected to see a weak recovery in 2024, which may boost the demand for harmonic reducers [2][7]. - The company plans to complete the construction and debugging of its intelligent production lines in 2024, aiming for an annual production capacity of 500,000 precision reducers [6]. Valuation Metrics - The projected net profits for 2024, 2025, and 2026 are estimated at 101 million CNY, 158 million CNY, and 208 million CNY, respectively, with corresponding PE ratios of 199, 127, and 96 times [7][8].