2023年年报及2024一季报点评：Q1业绩超市场预期，体系变革成效显著

Investment Rating - Buy (Maintained) [1] Core Views - Q1 2024 performance exceeded market expectations, with significant results from system reforms [1] - Revenue for 2023/Q1 2024 increased by 6%/21% YoY, while net profit attributable to shareholders decreased by 37%/increased by 54% YoY [6] - Non-GAAP net profit attributable to shareholders decreased by 4%/increased by 66% YoY [6] - Marketing system reforms have shown initial results, with profitability continuing to improve [7] - Humanoid robots are a new strategic direction, positioning the company as a servo product solution provider [8] Financial Performance Revenue and Profit - 2023 revenue: 1,415 million RMB, up 6% YoY [6] - Q1 2024 revenue: 381 million RMB, up 21% YoY [6] - 2023 net profit attributable to shareholders: 139 million RMB, down 37% YoY [6] - Q1 2024 net profit attributable to shareholders: 55 million RMB, up 54% YoY [6] - 2023 non-GAAP net profit attributable to shareholders: 124 million RMB, down 4% YoY [6] - Q1 2024 non-GAAP net profit attributable to shareholders: 53 million RMB, up 66% YoY [6] Profit Margins - 2023/Q1 2024 gross margin: 38.3%/36.9%, up 0.7pct/down 1.3pct YoY [7] - 2023/Q1 2024 net profit margin: 9.8%/14.4%, down 6.7pct/up 3.2pct YoY [7] Expense Ratios - 2023/Q1 2024 expense ratio: 30.5%/24.4%, up 2.9pct/down 5.1pct YoY [7] - Sales expense ratio: 9.9%/7.1%, up 1.5pct/down 2.1pct YoY [7] - Management expense ratio: 5.5%/4.7%, down 0.8pct/down 1.6pct YoY [7] - R&D expense ratio: 14.8%/12.3%, up 2.7pct/down 1.3pct YoY [7] - Financial expense ratio: 0.3%/0.3%, down 0.4pct/down 0.1pct YoY [7] Business Segments Motion Control - Stepper systems: 2023/Q1 2024 revenue of 660/160 million RMB, up 2%/2% YoY [1] - Servo systems: 2023/Q1 2024 revenue of 530/160 million RMB, up 26%/43% YoY [1] - Control products: 2023/Q1 2024 revenue of 180/60 million RMB, down 11%/up 44% YoY [1] - Gross margins for stepper/servo/control products in 2023: up 2.2/1.2/1.4pct YoY [1] Humanoid Robots - Strategic focus on humanoid robots, with core products including frameless torque motors, servo drives, hollow encoders, and coreless motors [8] - Successful mass production of FM series frameless motors with an annual capacity of 300,000 units [8] Financial Forecasts - 2024-2026 net profit attributable to shareholders forecast: 188/240/314 million RMB, up 36%/28%/31% YoY [2] - 2024-2026 revenue forecast: 1,770/2,150/2,602 million RMB, up 25%/21%/21% YoY [5] - 2024-2026 EPS forecast: 0.61/0.78/1.01 RMB [5] - 2024-2026 PE ratios: 29/23/17x [2] Market Data - Closing price: 17.48 RMB [4] - 52-week low/high: 11.73/24.53 RMB [4] - P/B ratio: 3.92x [4] - Market cap: 5,406.41 million RMB [4] - Total shares outstanding: 309.29 million [10] - Float shares: 216.69 million [10] Valuation Metrics - 2024-2026 P/E ratios: 29/23/17x [2] - 2024-2026 P/B ratios: 3.90/3.68/3.44x [17] - 2024-2026 ROE: 13.58%/16.37%/19.95% [17]