积极应对市场挑战，深耕主责主业

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index within the next six months [30]. Core Viewpoints - The company emphasizes technological innovation, with a significant increase in R&D expenses of 35.44% year-on-year, amounting to 144.88 million yuan in 2023, enhancing the core competitiveness of self-developed products [1]. - The company is implementing a smart manufacturing strategy, aiming for digitalization and automation in production processes, which has led to improvements in production efficiency, product quality, and customer service capabilities [2]. - The company has faced a decline in revenue, with a total operating income of 3,504 million yuan in 2023, a decrease of 1.55% year-on-year, and a net profit attributable to shareholders of 318 million yuan, down 60.27% [5]. Financial Performance - The company’s projected revenue growth rates for the next few years are 16.3% in 2024, 18.1% in 2025, and 17.2% in 2026 [5]. - The expected net profit for 2024, 2025, and 2026 is 469 million yuan, 566 million yuan, and 749 million yuan respectively, with corresponding EPS of 1.02, 1.23, and 1.63 yuan [18]. - The company’s total assets as of the end of 2023 were 791,967.40 million yuan, reflecting a growth of 5.01% from the beginning of the year [5]. Strategic Initiatives - The company is focusing on optimizing product promotion strategies and enhancing customer engagement to adapt to market trends and competition [6]. - The company is committed to improving governance and internal controls to ensure high-quality development and compliance with regulations [7]. - The company has initiated an ESG report and restructured its governance to integrate ESG principles into its operations, promoting sustainable development [17].