2023年报及2024一季报点评：业绩稳步增长，持续推进线性驱动器项目

Investment Rating - The investment rating for the company is "Buy" [1][4][8] Core Views - The company has shown steady growth in performance, with a revenue increase of 9.61% year-on-year in 2023, reaching 8.985 billion yuan, and a net profit increase of 6.66%, totaling 2.499 billion yuan [1][2] - The growth in revenue is attributed to the successful launch of new products targeting non-engineering machinery sectors and a continuous increase in overseas sales [1] - The company is actively pursuing internationalization and electrification, with significant progress in its linear actuator projects and the establishment of subsidiaries in Mexico, Singapore, and Brazil [1] Financial Performance Summary - In 2023, the gross margin was 41.90%, and the net margin was 27.87%, with slight changes of +1.35 and -0.79 percentage points respectively [1] - For Q1 2024, the company reported a revenue of 2.362 billion yuan, a decrease of 2.70% year-on-year, and a net profit of 602 million yuan, down 3.77% year-on-year [1] - The hydraulic cylinder segment generated 4.693 billion yuan in revenue in 2023, showing a modest growth of 2.37%, while the hydraulic pump and valve segment saw a significant revenue increase of 18.64%, totaling 3.268 billion yuan [1][2] Product and Regional Performance - The hydraulic cylinder sales for excavators decreased by 3.77% due to a downturn in the excavator industry, while non-standard cylinders saw a growth of 16.06% [1] - Domestic revenue reached 6.999 billion yuan, growing by 9.11%, while international revenue was 1.927 billion yuan, increasing by 9.95% [1] - The gross margins for domestic and international sales were 42.71% and 37.45% respectively, with year-on-year changes of +0.69 and +3.17 percentage points [1] Future Earnings Forecast - The company has revised its profit forecasts for 2024-2025, now expecting net profits of 2.673 billion yuan and 3.137 billion yuan respectively, with a new forecast for 2026 at 3.688 billion yuan [1][2] - The projected price-to-earnings ratios for 2024-2026 are 26, 22, and 19 times respectively [1]