2024Q4业绩拐点来临，高端市场持续突破

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 3.529 billion yuan in 2023, a year-on-year decrease of 22.04%, and a net profit attributable to the parent company of 194 million yuan, down 41.96% year-on-year. However, in Q4 2024, the company achieved a revenue of 743 million yuan, a year-on-year increase of 15.07%, and a net profit of 32 million yuan, up 131.76% year-on-year, indicating a significant improvement in operational performance [7][8][25] - The recovery in the 3C industry and the continuous breakthrough in the high-end market, along with overseas market expansion, are expected to drive the company's performance in the future [8][28] Summary by Relevant Sections Growth Potential - In 2023, the company experienced a revenue decline but showed signs of recovery in Q4, driven by a resurgence in the 3C industry and AI-driven product innovation. The company's sales of drilling and tapping machines increased by over 120% year-on-year in Q4, contributing significantly to overall performance [8][10] - The establishment of a second business unit targeting high-end products has resulted in initial orders of nearly 50 million yuan, indicating a positive trend in the high-end market [8] Research and Development - The company invested 139 million yuan in R&D in 2023, a year-on-year increase of 18.3%, representing 3.94% of revenue. The focus is on high-end CNC machine tools, with over 60 products under development [9] Profitability - The company's gross margin and net margin for 2023 were 23.25% and 5.79%, respectively, both showing a decline year-on-year. However, Q4 2023 saw a gross margin of 25.44%, with net margin turning positive, indicating improved profitability management [25] - The company has implemented cost control measures, resulting in a significant reduction in operating expenses by 26.65% year-on-year [25] Market Position - The company maintains a leading position in the drilling and tapping machine market, with ongoing expansion into high-end machine tools, enhancing its resilience against market cycles [26][28] - The introduction of the eighth generation of drilling and tapping machines is expected to strengthen the company's market competitiveness [28] Future Outlook - The company is projected to achieve net profits of 421 million yuan, 526 million yuan, and 649 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 23, 18, and 15 [29]