2023年利润承压，2024Q1毛利率恢复正常水平

Investment Rating - The report maintains a "Hold" rating for the company [1]. Core Views - The company reported a revenue of 4.652 billion yuan in 2023, a year-on-year increase of 19.87%, but the net profit attributable to shareholders decreased by 18.80% to 135 million yuan [1][4]. - In Q4 2023, the company experienced a revenue of 1.426 billion yuan, a 6.56% year-on-year increase, but the net profit was negative at -5 million yuan, a decline of 111.35% [1]. - For Q1 2024, the company reported a revenue of 1.003 billion yuan, a 1.73% year-on-year increase, while the net profit dropped by 84.83% to 7 million yuan [1]. Summary by Sections Financial Performance - The overall gross margin for 2023 was 31.93%, down 1.92 percentage points year-on-year, with the industrial robot and intelligent manufacturing segment gross margin at 31.28%, down 2.09 percentage points [3]. - The Q4 2023 gross margin was 29.25%, a decline of 5.52 percentage points year-on-year, but it recovered to 32.62% in Q1 2024, down 0.95 percentage points year-on-year [3]. - The net profit margin for 2023 was 2.85%, down 1.86 percentage points year-on-year, with Q4 2023 showing a net profit margin of -0.87% [3]. Market Position and Growth - The company achieved a 40% growth rate in industrial robot sales, significantly outperforming the market, which saw a 0.4% increase in overall industrial robot sales [2]. - The company ranked second in China's industrial robot market by shipment volume, with the highest market share among domestic brands [2]. - Revenue from the automation core components business was 1.04 billion yuan in 2023, a 1.42% year-on-year increase [2]. Profit Forecast and Valuation - The company is expected to achieve net profits of 193 million yuan, 277 million yuan, and 348 million yuan for 2024, 2025, and 2026, respectively, corresponding to PE ratios of 81, 56, and 45 times [4][13]. - The forecast indicates a compound annual growth rate of 37% for net profit over the next three years [4][13]. - The report anticipates revenue growth rates for industrial robots and intelligent manufacturing systems of 21.8%, 22.5%, and 18.9% from 2024 to 2026 [11].