CSB(300718) 东方财富证券·2024-05-30 08:00Investment Rating - The report assigns a rating of "Accumulate" for the company [4]. Core Views - The company's profit growth in 2023 was driven by a significant improvement in gross margin, attributed to rising prices of core products. The revenue from metal-plastic polymer self-lubricating bearings reached 366 million yuan, a year-on-year increase of 9.0%, with sales volume up by 6.6% and average price up by 2.3%. The gross margin improved by 7.5 percentage points [2][5]. - The report anticipates a recovery in demand for construction machinery in 2024, alongside steady growth in the automotive sector. The company is actively exploring applications for sliding bearings in robotics and wind power [3][12]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 1.105 billion yuan, a year-on-year increase of 3.2%, and a net profit attributable to shareholders of 240 million yuan, up 137.4%. The gross margin and net profit margin were 35.81% and 20.03%, respectively, both showing significant year-on-year improvements [5][12]. - For Q1 2024, the company reported revenue of 276 million yuan, a 6.9% increase year-on-year, and a net profit of 52 million yuan, up 1.3% [5]. Market Outlook - The report forecasts that the company's revenue will grow to 1.242 billion yuan in 2024, with net profit reaching 292 million yuan. The expected growth rates for revenue and net profit for 2024 are 12.35% and 20.49%, respectively [12][13]. - The automotive industry is expected to continue adopting self-lubricating bearings, which are increasingly replacing traditional needle and powder bearings, indicating significant growth potential [3][12]. Product Performance - The metal-plastic polymer self-lubricating bearings showed strong performance, while the revenue from bimetal boundary lubricating bearings declined by 13.4% due to a downturn in the construction machinery sector, which saw a 25.4% drop in global excavator sales [2][3].