2023年业绩承压，直线导轨迅速增长

Investment Rating - The report maintains a "Hold" rating for the company [6][5]. Core Insights - The company achieved a revenue of 540 million yuan in 2023, representing a year-on-year growth of 12.3%. However, the net profit attributable to shareholders decreased by 8.4% to 90 million yuan [19][5]. - The company’s comprehensive gross margin improved slightly to 29.9%, up 1.1 percentage points year-on-year, benefiting from low raw material prices, although new businesses have not yet achieved scale [5][19]. - The linear guide rail business has seen rapid growth, with sales revenue reaching 21.83 million yuan, a nearly fourfold increase year-on-year, indicating strong market acceptance and capacity release [20][11]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 140 million yuan, a year-on-year increase of 27.6% and a quarter-on-quarter increase of 1.6%. The net profit for the same quarter was 15 million yuan, down 37.2% year-on-year and 26.8% quarter-on-quarter [19][5]. - The company’s expense ratio for 2023 was 11.5%, an increase of 1.9 percentage points year-on-year, with a significant rise in R&D expenses [2][5]. Business Growth - The smart CNC equipment segment grew by 38.1% year-on-year, while the rolling functional components revenue surged by 391.1%, contributing to stable overall revenue growth [5][19]. - The company anticipates a compound annual growth rate (CAGR) of 23% for net profit attributable to shareholders from 2024 to 2026, with projected profits of 110 million, 130 million, and 160 million yuan respectively [6][19]. Market Position - The rolling functional components are expected to become a new growth engine for the company, with the market for these components in China projected to reach 33 billion yuan, heavily reliant on imports for high-end products [20][11]. - The company has over 20 years of technical experience in metal materials and heat treatment, which supports its competitive position in the market [20][11].