2023年年报点评：业绩延续稳健增长，进一步赋能机器人与自动驾驶

Investment Rating - The report maintains a "Recommend" rating for the company [21] Core Views - The company achieved significant growth in its resources and public utilities sector, with revenue reaching 1.127 billion yuan in 2023, a year-on-year increase of 41.29% [3] - The company's overseas business has shown remarkable results, with overseas market revenue reaching 719 million yuan in 2023, a year-on-year increase of 47.57%, accounting for 26.85% of total revenue [3] - The company aims for a 25% year-on-year growth in net profit attributable to the parent company in 2024, targeting 560 million yuan [3] - The company's robot and autonomous driving sector achieved revenue of 160 million yuan in 2023, a year-on-year increase of 61.64% [3] - The company has been designated as a supplier for autonomous driving positioning units by several automakers, with some models already in mass production, which is expected to bring new performance increments [3] Financial Performance - The company's revenue in 2023 was 2.678 billion yuan, a year-on-year increase of 19.77%, with net profit attributable to the parent company reaching 449 million yuan, a year-on-year increase of 24.32% [11] - The company's gross profit margin in 2023 was 57.77%, an increase of 1.13 percentage points compared to the previous year [11] - The company's sales expense ratio in 2023 was 19.74%, a decrease of 0.23 percentage points compared to the previous year, and the management expense ratio was 7.36%, a decrease of 0.89 percentage points [11] - The company's net profit attributable to the parent company is expected to reach 562 million yuan in 2024, 681 million yuan in 2025, and 827 million yuan in 2026, with corresponding PE multiples of 26x, 21x, and 18x [3] Business Development - The company's agricultural machinery autonomous driving products have been rapidly promoted in the market, and its universal geological disaster equipment has been applied on a large scale in key geological disaster prevention provinces [3] - The company's global satellite-ground integrated enhancement network service platform will provide differential information services for various high-precision mobile intelligent equipment [3] - The company is actively promoting the integration of high-precision navigation technology with autonomous driving, smart cities, and low-altitude economy in the domestic market [3] Overseas Expansion - The company has established a strong dealer network overseas, with overseas market revenue accounting for 26.85% of total revenue in 2023, up from 14.04% in 2020 [3] - The company's continuous deep layout in overseas markets is expected to extend its growth curve [3]