topstar(300607) 东方证券·2024-05-16 00:32Investment Rating - The report maintains a "Buy" rating for the company with a target price of 13.76 CNY per share [3][5]. Core Insights - The company faced revenue pressure in 2023 but experienced significant growth in Q1 2024, with revenue reaching 1 billion CNY, a year-on-year increase of 25.2% [2]. - The company is focusing on optimizing its business structure, with a shift towards product-based revenue streams, particularly in multi-joint industrial robots, injection molding machines, and CNC machine tools, which all saw substantial revenue growth in 2023 [2]. - The company is expanding its overseas operations, establishing subsidiaries in Mexico, Indonesia, Malaysia, and Thailand, contributing to 5 billion CNY in overseas revenue, which represents 11% of total revenue [2]. Financial Performance Summary - In Q4 2023, the company reported revenue of 1.32 billion CNY, with a year-on-year decline of 22.4% and a quarter-on-quarter increase of 15.9% [2]. - For the full year 2023, total revenue was 4.55 billion CNY, down 8.7% year-on-year, with a net profit of 90 million CNY, a decrease of 44.9% [2]. - The gross margin for 2023 was 18.47%, slightly down from the previous year, while the net margin was 2.33%, also reflecting a decline [2]. - The company forecasts an EPS of 0.43 CNY for 2024, down from a previous estimate of 0.59 CNY, with projections for 2025 and 2026 at 0.63 CNY and 0.88 CNY, respectively [3].