一季度业绩变化较小，静待景气度回暖

Investment Rating - The report maintains a "Buy" rating for the company, citing its better-than-industry performance and potential for high growth driven by overseas revenue expansion and capacity expansion [3][7] Core Views - The company's Q1 2024 revenue increased by 3.96% YoY to RMB 549 million, while net profit attributable to shareholders decreased by 3.03% YoY to RMB 70 million, reflecting weak domestic demand recovery [4] - Domestic market recovery is expected to improve due to large-scale equipment renewal policies, particularly in the industrial machine tool sector, which could boost industry sentiment [5] - The company's overseas revenue grew significantly by 112.99% YoY in 2023, reaching RMB 705 million, accounting for 30.36% of total revenue, with further growth expected [6] Financial Performance and Forecast - The company is projected to achieve net profits attributable to shareholders of RMB 375 million, RMB 445 million, and RMB 536 million in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 17X, 14X, and 12X [7] - Revenue growth rates are forecasted at 18.68%, 15.52%, and 17.77% for 2024, 2025, and 2026, respectively, with net profit growth rates of 18.09%, 18.54%, and 20.61% [13] - Overseas sales gross margin improved by 3.58 percentage points to 31.35% in 2023, driven by the company's expansion into over 50 countries and regions [6] Industry and Market Analysis - Domestic demand for metalworking machine tools remains weak, with new orders down 9.6% YoY and backlog orders down 14.9% YoY in the first two months of 2024 [5] - China's machine tool exports grew by 13.6% YoY in Q1 2024, indicating strong overseas market potential [6] - The industrial machine tool sector is expected to benefit from policies targeting the replacement of equipment over 10 years old, given the peak consumption period around 2011 [5]