Q1业绩预告表现亮眼，环动科技上市预案公布

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company reported a strong performance in its Q1 earnings forecast, with 2023 revenue of 8.13 billion yuan, a year-on-year increase of 19.0%, and a net profit attributable to shareholders of 820 million yuan, up 40.2% year-on-year [2] - The company plans to spin off its subsidiary, Huan Dong Technology, for a listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board, which is expected to enhance focus on its core business and improve financing channels [3] - The company is expected to achieve a net profit of 210-230 million yuan in Q1 2024, representing a year-on-year growth of 22.8%-34.4% [2] Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 2.262 billion yuan, a year-on-year increase of 12.4% and a quarter-on-quarter increase of 3.5% [2] - The net profit for Q4 2023 was 227 million yuan, up 31.3% year-on-year [2] - The company expects continued growth in multiple business segments throughout 2024, with strong performance in heavy truck automatic transmission gears and new energy vehicle gears [2] Spin-off Plans - The spin-off of Huan Dong Technology is aimed at allowing the subsidiary to focus on its core robotics business, which has shown rapid growth with a revenue increase from 30 million yuan in 2020 to 250 million yuan in 2023 [3] - The spin-off is anticipated to enhance the company's overall profitability as Huan Dong Technology continues to grow [3] Profit Forecast - The company forecasts net profits of 814 million yuan, 1.028 billion yuan, and 1.301 billion yuan for 2023, 2024, and 2025 respectively, with year-on-year growth rates of 39.9%, 26.2%, and 26.6% [3][4] - The projected price-to-earnings ratios for 2023, 2024, and 2025 are 26x, 20x, and 16x respectively, indicating a strong valuation outlook [3]