盈利能力持续提升，看好减速机增长新曲线

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10]. Core Views - The company reported a total revenue of 8.074 billion yuan for the year, representing a year-on-year increase of 18.08%, and a net profit attributable to shareholders of approximately 816 million yuan, up 40.26%, which aligns with expectations [2]. - The heavy truck automatic transmission gear business, as well as the gear and reducer segments for new energy vehicles, showed strong growth. The revenue from various segments includes: passenger car gears (4.223 billion yuan, +15.66%), electric tool gears (118 million yuan, -13.70%), construction machinery gears (647 million yuan, -11.96%), motorcycle gears (90 million yuan, -23.91%), commercial vehicle gears (880 million yuan, +71.25%), livelihood gears (379 million yuan, +87.47%), steel sales (1.180 billion yuan, +15.39%), and reducers and other income (556 million yuan, +21.68%) [3]. - The company is expected to benefit from the release of new models, the resumption of offline activities, and purchase incentives in certain regions, leading to optimistic market growth for new energy vehicles in 2024 [3]. - The company has been continuously promoting internal cost reduction and efficiency enhancement, resulting in improved profitability, with gross and net profit margins of 22.24% and 10.33%, respectively, both showing increases [3]. - The company is positioned to become a leading player in the domestic precision reducer market, with significant growth potential in the robotics reducer business, supported by strategic investments from national manufacturing transformation funds [3]. Financial Summary - The company achieved a total revenue of 8.074 billion yuan in 2023, with a projected revenue growth rate of 15.84% in 2024, 20.37% in 2025, and 19.93% in 2026 [6]. - The net profit attributable to shareholders is expected to reach 1.03 billion yuan in 2024, 1.288 billion yuan in 2025, and 1.587 billion yuan in 2026, with corresponding P/E ratios of 18, 14, and 11 times [3][6]. - The diluted earnings per share are projected to be 1.207 yuan in 2024, 1.510 yuan in 2025, and 1.861 yuan in 2026 [6].