业绩高增长，机器人业务布局打开成长空间

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark index by more than 15% [12]. Core Insights - The company has significantly increased its production capacity for frameless motors, achieving an annual output of 300,000 units for its FM series frameless motors [1]. - The company is expected to see substantial growth in net profit, with forecasts of CNY 249 million, CNY 312 million, and CNY 370 million for the years 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 79.7%, 25.2%, and 18.8% [1]. Financial Performance Summary - In 2023, the company reported operating revenue of CNY 1.415 billion, a year-on-year increase of 5.79%, while the net profit attributable to the parent company was CNY 139 million, down 37.1% [5]. - For Q1 2024, the company achieved operating revenue of CNY 381 million, reflecting a year-on-year growth of 21.21%, and a net profit of CNY 55 million, up 53.66% [5]. - The gross margin for 2023 was 38.25%, and for Q1 2024, it was 36.92%, indicating a stable performance [5]. - The company’s servo system business has rapidly increased its market share, with sales revenue for the servo business in 2023 reaching CNY 533.98 million, a growth of 25.78% [5]. Financial Metrics Overview - The company’s total assets are projected to grow from CNY 2.305 billion in 2023 to CNY 3.257 billion by 2026 [2]. - The return on equity (ROE) is expected to improve from 10.5% in 2023 to 22.8% in 2026 [6]. - The earnings per share (EPS) is forecasted to increase from CNY 0.45 in 2023 to CNY 1.20 in 2026 [6].