2023年年报点评：参股格思航天，积极寻求地面设备业务合作

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 1.128 billion yuan in 2023, a decrease of 13.9% year-on-year, with a net profit attributable to shareholders of 186.90 million yuan, down 4.53% year-on-year [1] - The operational adjustment is complete, and the smart electromechanical business is poised for growth, with a stable gross margin of 44.45% in 2023 and a significant increase in inventory value by 168.5% year-on-year, attributed to the expansion of military product sub-business [1][2] - The company has divested its loss-making subsidiary "Jia Sheng Power" for 140 million yuan and is actively integrating resources in the electric motor and control sector, while also investing in new subsidiaries focused on renewable energy and smart electromechanical fields [2] - The demand for military products is expected to remain strong and stable, supported by national defense modernization initiatives outlined in the 14th Five-Year Plan, with the company benefiting from increased defense spending and a stable order backlog [3] Financial Summary - The company forecasts net profits of 256.40 million yuan, 301.34 million yuan, and 344.71 million yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 22, 19, and 16 [3] - The total revenue is projected to grow to 1.477 billion yuan in 2024, reflecting a year-on-year increase of 30.91% [1][3] - The company’s cash flow from operating activities was 665 million yuan in 2023, with a forecasted cash flow of (53) million yuan in 2024 [14]