静待通用制造业回暖复苏,多元化布局驱动成长

Investment Rating - The investment rating for the company is "Buy" [2][22]. Core Views - The company is expected to benefit from the recovery of the general manufacturing industry and its diversified layout will drive growth [2]. - In 2023, the company achieved revenue of 2.66 billion yuan, a year-on-year decline of 1.35%, and a net profit attributable to the parent company of 396 million yuan, down 4.44% year-on-year [2]. - The company’s sales volume of reducers reached approximately 654,500 units in 2023, an increase of about 7.64% year-on-year, outperforming the industry growth rate [2]. - The company’s gross margin was under pressure due to price wars, with a gross margin of 26.01% in 2023, down 0.73 percentage points year-on-year [2]. - The company is actively expanding its product portfolio, particularly in specialized reducers, and has made significant progress in various downstream sectors [2]. Financial Data Summary - In 2024, the company is projected to achieve revenues of 3.03 billion yuan, 3.50 billion yuan in 2025, and 3.99 billion yuan in 2026, with net profits of 466 million yuan, 545 million yuan, and 631 million yuan respectively [5][22]. - The current price-to-earnings ratio is projected to be 21X for 2024, 18X for 2025, and 16X for 2026 [2][5]. - The company’s net asset return rate (ROE) is expected to improve gradually, reaching 12.90% by 2026 [5][22].