2023年年报点评：数控机床领军企业，基本面边际改善

Investment Rating - The report assigns a "Hold" rating for the company, indicating a moderate outlook for the next six months [12][28][55]. Core Insights - The company is a leading player in the CNC machine tool industry, focusing on high-end intelligent equipment with a diverse range of CNC machine products [6][19][40]. - The company's performance has been under pressure in recent years, but there has been a marginal improvement since Q4 2023, driven by a recovery in the 3C consumer electronics sector [9][41][43]. - The report highlights a significant increase in overseas revenue, which grew by 74.8% year-on-year, while domestic revenue decreased by 23.9% [12][41]. - The company is expected to benefit from a new replenishment cycle in the CNC machine tool demand as the industrial inventory phase-out nears its end [28][48]. Summary by Sections 1. Company Overview - The company specializes in high-end intelligent equipment, offering a wide range of CNC machine tools applicable in various sectors including 3C electronics, 5G communications, and aerospace [6][40]. - The company has faced challenges in recent years, with a reported revenue of 3.53 billion yuan in 2023, a decrease of 22.0% year-on-year, and a net profit of 190 million yuan, down 42.0% [12][41]. 2. Financial Performance - In Q4 2023, the company achieved a revenue of 740 million yuan, marking a 15.1% increase year-on-year and a 1.7% increase quarter-on-quarter, with a net profit of 30 million yuan [12][41]. - The overall gross margin for 2023 was 23.3%, a decline of 3.3 percentage points from the previous year, while the net profit margin was 5.8%, down 1.6 percentage points [12][43]. - The company maintained a stable expense ratio of 17.8% in 2023, with a slight increase in R&D expenses supporting product upgrades [11][12]. 3. Earnings Forecast and Valuation - The report forecasts the company's net profit to reach 380 million yuan, 470 million yuan, and 580 million yuan for 2024, 2025, and 2026 respectively, indicating a compound annual growth rate of 44% [12][28]. - The expected gross margins for the CNC machine tool business are projected to improve to 24% in 2024, 24.5% in 2025, and 25% in 2026 [28][29]. - The report compares the company with peers in the CNC machine tool industry, suggesting a favorable growth outlook due to its leading position and diversified product offerings [28][30].