2023年报&2024一季报点评：受益国产化推进控制阀龙头高速成长，募投产能投放助力业绩增长

Investment Rating - The report assigns an "Accumulate" rating for the company, marking it as the first coverage [2]. Core Views - The company has shown steady growth in performance, benefiting from the ongoing localization of control valves in the petrochemical industry [4][46]. - The company is a leading player in the domestic control valve market, with a comprehensive product range and strong core competitiveness, which positions it well to benefit from the domestic localization process in key sectors [5][46]. - The company is expanding its market presence in new energy and new materials sectors, with a significant increase in revenue contribution from these areas [42][46]. Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 1.024 billion, a year-on-year increase of 18.76%, and a net profit attributable to the parent company of 105 million, up 25.51% [23][50]. - For Q1 2024, the company reported total operating revenue of 222 million, a year-on-year growth of 26.47%, with a net profit of 14.19 million, reflecting a 3.61% increase [45]. - The gross margin for 2023 was 35.51%, with a net margin of 10.25%, indicating slight improvements in profitability metrics [18][50]. Business Segmentation - The control valve segment generated 900 million in revenue, accounting for 87.96% of total revenue, with a year-on-year growth of 17.59% [23]. - The valve maintenance segment contributed 74 million, representing 7.20% of total revenue, with a growth of 14.04% [23]. - The parts segment saw significant growth of 64.21%, reaching 47 million, which accounted for 4.62% of total revenue [23]. Market Outlook - The domestic control valve industry is expected to continue growing, driven by the increasing demand for localization in key sectors such as petrochemicals, coal chemicals, and power generation [4][46]. - The company is positioned to capture a larger market share as it expands its product offerings and enhances its technological capabilities [42][46]. - The forecast for operating revenue from 2024 to 2026 is projected to be 1.212 billion, 1.478 billion, and 1.841 billion respectively, with corresponding net profits of 133 million, 167 million, and 216 million [50].