OKE(688308) 长城证券·2024-05-11 01:32Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook with expected stock price growth of 5% to 15% relative to the industry index over the next six months [3][9]. Core Insights - The company reported a revenue of 1.026 billion yuan in 2023, a decrease of 2.73% year-on-year, and a net profit attributable to shareholders of 166 million yuan, down 31.43% year-on-year [6][17]. - The company is focusing on high-end tool imports substitution, enhancing profitability through product price increases and expanding its product matrix [7][9]. - The overseas sales revenue reached 140 million yuan in 2023, an increase of 31.44% year-on-year, accounting for 13.67% of total revenue [7][9]. Financial Performance Summary - Revenue growth is projected to rebound in 2024 with an expected increase of 21.5%, followed by 20.0% in 2025 and 19.0% in 2026 [11][27]. - The net profit is expected to recover to 204 million yuan in 2024, with further growth to 268 million yuan in 2025 and 323 million yuan in 2026 [11][27]. - The company's gross margin is forecasted to improve to 33.5% in 2024, with net margin stabilizing around 16.3% [11][27]. Operational Highlights - The company has made significant investments in R&D, with expenditures of 64 million yuan in 2023, representing a 20.50% increase year-on-year [30]. - The sales, management, and financial expenses have seen notable changes, with sales expenses increasing by 87.87% due to higher employee bonuses and marketing costs [30]. - The company has successfully developed new products targeting the aerospace and rail transportation sectors, enhancing its competitive edge [7][9].