24年一季度业绩转好，布局人形机器人

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [16]. Core Insights - The company reported a revenue of 3.034 billion yuan in 2023, a slight increase of 0.91% year-on-year, while the net profit attributable to shareholders decreased by 37.16% to 205.96 million yuan [1][2]. - In Q1 2024, the company achieved a revenue of 709 million yuan, representing a significant year-on-year growth of 32.45%, with a net profit of 69.37 million yuan, up 420.77% [1][6]. - The company is actively expanding its presence in the humanoid robotics sector and has established a team for the development of related actuator products [6]. Financial Data and Valuation - Revenue growth rates are projected at 22.50% for 2024, 15.64% for 2025, and 12.70% for 2026 [2][22]. - The company's EBITDA for 2023 was 791.42 million yuan, with a forecasted EBITDA of 584.99 million yuan for 2024 [2]. - The net profit attributable to shareholders is expected to recover to 370.18 million yuan in 2024, with further growth to 452.35 million yuan in 2025 and 543.76 million yuan in 2026 [2][6]. - The company’s P/E ratio is projected to decrease from 41.30 in 2023 to 22.98 in 2024, indicating an improvement in valuation [2][22]. Operational Performance - The company experienced a quarterly improvement in performance, with Q4 2023 revenue reaching 933 million yuan, a year-on-year increase of 6.91% and a quarter-on-quarter increase of 16.9% [6]. - The gross margin for 2023 was 29.16%, with a net margin of 6.74%, showing a recovery in gross margin but a decline in net margin compared to the previous year [6][22]. - Domestic sales showed strong performance with a revenue of 887 million yuan, up 25.88% year-on-year, while international sales were 2.133 billion yuan, down 6.8% [6]. Market Expansion - The company is focusing on expanding its overseas sales network, particularly in North America and Europe, to enhance its market share [6]. - The company has shifted part of its fundraising to support the construction of a logistics and production base in Europe, aimed at improving supply capabilities and reducing delivery times [6]. Profitability Forecast - The profit forecast has been adjusted due to changes in domestic and international environments, with expected net profits of 370 million yuan in 2024, 452 million yuan in 2025, and 544 million yuan in 2026 [6].