2023年年报点评：装备和材料双发力，净利润创十年历史新高

Investment Rating - The investment rating for the company is "Buy" [7][23][38] Core Views - The rubber machinery industry is showing a stable upward trend, with the company achieving a significant increase in net profit in 2023, reaching a historical high over the past decade [14][19][24] - The company reported a revenue of 5.648 billion yuan in 2023, a slight decrease of 1.54% year-on-year, while the net profit attributable to shareholders increased by 64.4% to 333 million yuan [14][23][24] - The company has a strong order backlog, with contract liabilities reaching 4.169 billion yuan at the end of 2023, indicating a solid foundation for future revenue growth [14][19][24] Financial Summary - Revenue and Profitability: In 2023, the company achieved a revenue of 5.648 billion yuan, with a gross profit margin of 26.00%, up 5.84 percentage points year-on-year. The net profit margin was 7.00%, an increase of 2.95 percentage points [14][23][24] - Earnings Forecast: The forecast for net profit attributable to shareholders is 504 million yuan in 2024, 749 million yuan in 2025, and 847 million yuan in 2026, with corresponding P/E ratios of 14, 9, and 8 times [38][39] - Cash Flow: The net cash flow from operating activities was 231 million yuan in 2023, a decrease of 39.54% year-on-year, primarily due to a large balance of restricted funds at the end of the period [14][23][24] Segment Performance - Rubber Equipment: The rubber equipment segment generated revenue of 4.021 billion yuan in 2023, a year-on-year increase of 23%, with a gross profit of 1.182 billion yuan [14][19][24] - Rubber New Materials: The rubber new materials segment achieved revenue of 1.587 billion yuan, a year-on-year increase of 9%, with a gross profit margin of 16.89%, marking a significant improvement [14][19][24] Market Position - The company has made significant progress in both domestic and international markets, with a record high in overseas orders and continuous optimization of customer structure [19][24][30]