2024年一季报点评：业绩持续稳健增长，员工持股计划彰显发展信心

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7]. Core Views - The company has shown steady growth in performance, with a 2023 revenue of 1.258 billion yuan, representing a year-on-year increase of 40.65%, and a net profit of 325 million yuan, up 33.83% year-on-year [3][4]. - The first quarter of 2024 saw a revenue of 368 million yuan, a year-on-year increase of 30.23%, and a net profit of 87 million yuan, up 34.95% year-on-year [3][4]. - The company has launched an employee stock ownership plan, reflecting confidence in its future development [5][10]. - The revenue forecast for 2024-2026 is adjusted to 1.730 billion, 2.288 billion, and 2.988 billion yuan, with year-on-year growth rates of 37%, 32%, and 31% respectively [7][12]. Financial Performance - The gross profit margin for 2023 was 46.54%, with a slight decrease of 0.66 percentage points year-on-year, while the net profit margin was 25.85%, down 1.32 percentage points year-on-year [8]. - The company’s digital printing equipment sales volume and price both increased in 2023, with revenue from digital printing equipment reaching 612 million yuan, a year-on-year increase of 32.44% [4][8]. - The company’s total market capitalization is approximately 12.92 billion yuan, with a current stock price of 107.28 yuan [4][12]. Business Segments - The digital printing equipment and ink segments have shown significant growth, with ink revenue reaching 411 million yuan, a year-on-year increase of 8.17% [4][8]. - The company has integrated two new businesses, TEXPA and Shandong Yingkejie, which focus on automated sewing equipment and high-speed digital printing equipment, respectively [4][8]. Profitability Forecast - The expected diluted earnings per share for 2024, 2025, and 2026 are 3.78 yuan, 4.88 yuan, and 6.44 yuan, respectively [12][15]. - The return on equity (ROE) is projected to increase from 11% in 2023 to 19% by 2026 [12][15].