业绩持续增长，加码布局工业机器人

Investment Rating - The report maintains a "Buy" rating for the company, with a recommendation to "Increase Holdings" [2][6]. Core Insights - The company achieved a revenue of 12.916 billion yuan in 2023, a year-on-year decrease of 1.78%, while the net profit attributable to shareholders increased by 16.82% to 2.554 billion yuan [1][3]. - In Q1 2024, the company reported a revenue of 3.391 billion yuan, representing a year-on-year growth of 34.44%, and a net profit of 590 million yuan, up 18.19% [1][3]. - The company has demonstrated effective cost control, with gross and net profit margins improving to 36.92% and 20.22%, respectively, in 2023 [1][3]. Financial Performance Summary - Revenue for 2023 was 12.916 billion yuan, with a slight decline of 1.8% expected in 2024, followed by growth rates of 18.8%, 17.1%, and 16.2% in the subsequent years [3]. - The net profit for 2023 was 2.554 billion yuan, with projections of 3.117 billion yuan, 3.757 billion yuan, and 4.470 billion yuan for 2024, 2025, and 2026, respectively, indicating a growth rate of 22.1% in 2024 [3]. - The company’s gross margin is expected to improve from 36.9% in 2023 to 40.0% by 2026 [3]. Business Development Highlights - The company is increasing its investment in industrial robotics, having acquired a controlling stake in Turing Robotics to enhance its competitiveness in high-end industrial robotics [1][2]. - The company showcased new industrial robot solutions at the Hannover Industrial Fair in April 2024, indicating a strong commitment to innovation in this sector [1][2].