新签订单高增，看好产能释放助力业绩增长

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 82.50 CNY [5][20]. Core Views - The company has seen a significant increase in new orders, with a 65% year-on-year growth in 2023 and a 32% growth in Q1 2024, indicating strong demand from private customers [16]. - The company is continuously launching new products, completing the layout of "four general + four specialized" technology platforms, which enhances its competitive edge in the market [4][16]. - The company has successfully raised approximately 600 million CNY through a private placement, which will support its capacity expansion and performance release [8][19]. Financial Performance - In 2023, the company achieved a revenue of 452.3 million CNY, a year-on-year increase of 43.37%, and a net profit of 102 million CNY, up 69.01% [1]. - For Q1 2024, the company reported a revenue of 101 million CNY, an 18.63% increase year-on-year, but a net profit decline of 43.97% due to increased R&D expenses and the absence of investment income from the previous year [15][20]. - The company expects revenues of 676 million CNY, 1.03 billion CNY, and 1.4 billion CNY for 2024, 2025, and 2026, respectively, with corresponding net profits of 152 million CNY, 231.6 million CNY, and 319.1 million CNY [20][29]. Market Position - The company is positioned as a leader in high-end CNC machine tools, with a strong brand effect among private customers, who account for nearly 40% of new orders in the civil sector [16]. - The average price of new orders has increased, with the average machine price reaching 213 million CNY in 2023 and 232 million CNY in Q1 2024 [16]. Future Outlook - The company is expected to benefit from ongoing capacity expansion and the release of new products, which will drive future revenue growth [19]. - The projected growth rates for revenue and net profit from 2024 to 2026 are 49.48%, 52.16%, and 36.18% for revenue, and 49.06%, 52.37%, and 37.76% for net profit, respectively [20].