净利率承压，继续深化管理变革

Investment Rating - The report downgrades the investment rating to "NEUTRAL" with a target price of Rmb18.80, down from a previous target price of Rmb26.70 [10][35]. Core Views - The company's revenue for 2023 was Rmb4.65 billion, a year-on-year increase of 19.9%, but net profit decreased by 18.8% to Rmb135 million [4][33]. - The robotics and intelligent manufacturing segment drove revenue growth, achieving Rmb3.61 billion in 2023, a 26.5% increase year-on-year, while the gross profit margin decreased to 31.3% [4][17]. - The company plans to deepen management reforms in 2024, focusing on product competitiveness, delivery, service, and quality to support long-term high-quality development [18]. Financial Performance Summary - Revenue projections for 2024, 2025, and 2026 are Rmb5.91 billion, Rmb7.45 billion, and Rmb9.22 billion, respectively, with year-on-year growth rates of 27.1%, 26.0%, and 23.7% [4][35]. - Net profit forecasts for the same years are Rmb216 million, Rmb340 million, and Rmb502 million, reflecting growth rates of 60.3%, 57.2%, and 47.6% [4][35]. - The gross profit margin is expected to stabilize around 31.8% in 2024, with slight improvements in subsequent years [9][35]. Segment Analysis - The industrial robotics and intelligent manufacturing systems segment is projected to generate Rmb4.72 billion in 2024, with a growth rate of 28% [7]. - The automation core components and motion control systems segment is expected to reach Rmb1.20 billion in 2024, with a growth rate of 15% [7]. Valuation Metrics - The company is valued at a PE ratio of 48x for 2025, with a corresponding target price of Rmb18.80 [10][35]. - The current market capitalization is Rmb14.18 billion (approximately US$1.96 billion) [10].