营收稳健利润承压，等待消费复苏

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [4]. Core Views - The company reported a revenue of 14.091 billion yuan in 2023, a year-on-year decrease of 5.82%. The net profit attributable to the parent company was 820 million yuan, down 32.47% year-on-year, while the net profit after deducting non-recurring gains and losses was 465 million yuan, a decline of 52.47% year-on-year [4][5]. - In Q4, the company achieved a revenue of 4.704 billion yuan, a year-on-year increase of 6.93%, but the net profit attributable to the parent company was 184 million yuan, down 8.36% year-on-year. The net profit after deducting non-recurring gains and losses was 95 million yuan, a decrease of 39.85% year-on-year [4]. - The company's PCB equipment business saw a revenue of 1.634 billion yuan, a significant decrease of 41.34% year-on-year, attributed to weak consumer demand in smart terminals and reduced capital expenditure willingness from downstream customers [4][5]. - The company remains a leader in the laser processing equipment industry due to its strong R&D capabilities, deep customer resources, and prominent brand advantages, despite short-term performance being affected by stock incentive costs and R&D expenditures [5]. Summary by Sections Financial Performance - The total revenue for 2023 was 14.091 billion yuan, with a gross profit of 4.923 billion yuan, resulting in a gross margin of 35% [9]. - The company expects EPS for 2024-2026 to be 1.04, 1.36, and 1.64 respectively, with corresponding PE ratios of 18.20, 13.93, and 11.55 [5][9]. Business Segments - The consumer electronics equipment business generated 2.183 billion yuan in revenue, an increase of 6.51% year-on-year. The semiconductor equipment business achieved 2.126 billion yuan, a growth of 1.57% year-on-year. The general industrial laser processing equipment business saw revenue of 5.547 billion yuan, up 5.30% year-on-year [4][5]. - The new energy equipment business reported a revenue of 2.601 billion yuan, a decrease of 5.91% year-on-year, while the PCB equipment business faced a significant decline [4]. Future Outlook - The company is expected to actively support the capacity construction needs of core customers in overseas regions, indicating a focus on international expansion and adaptation to market demands [4][5].