盈利能力持续提升，一季度迎来开门红

Investment Rating - The report maintains a rating of "Accumulate" for the company [11][24]. Core Views - The company has shown stable revenue growth and improved profitability, with a strong start in Q1 2024 [14][24]. - The recovery in industry demand is expected to drive growth across the company's two core businesses and two extended industries [15]. Summary by Sections Financial Performance - In 2023, the company achieved revenue of 2.789 billion yuan, a year-on-year decrease of 1.64%, while net profit reached 126 million yuan, an increase of 20.75% [3][4]. - For Q1 2024, the company reported revenue of 625 million yuan, a year-on-year increase of 3.64%, and net profit of 34 million yuan, a significant increase of 88.70% [3][4]. Growth Potential - The company is focusing on high-end product development, particularly in the textile carding equipment sector, which has shown promising growth due to industry upgrades [5]. - The stainless steel decorative panel business, which accounted for 70.03% of total revenue in 2023, is expected to benefit from the "dual carbon" policy and the new round of "old-for-new" policies in the home appliance sector [5]. Profitability - The company's gross margin and net margin improved in 2023, reaching 15.44% and 4.50%, respectively, with further increases in Q1 2024 to 18.09% and 5.52% [4][5]. - The focus on high-end clients and product structure optimization has contributed to the sustained improvement in profitability [4]. Cash Flow - The company has maintained positive net cash flow from operating activities since 2018, with 2023 showing a net cash flow of 242 million yuan, exceeding profit levels [4]. Market Outlook - The textile industry is expected to experience accelerated transformation, benefiting the company as it is the only listed firm in the textile carding equipment sector in China [5]. - The company is also making strides in the special steel wire and equipment manufacturing sectors, with advancements in technology and product offerings [5][6].