积极横向拓展。工业及建筑升降设备领域，公司推出了可应用于工业烟囱及桥梁的工业升降机、可应用于电力塔架、塔式起重机、立体仓储等有限空间的爬塔机、应用于光伏安装及物流搬家的物料输送机等产品；在智能安全防护设备领域，公司开发了智能安全帽、全身式安全带、速差器等产品；在高空应急装备领域，开发并推出了适合于民用建筑的应急逃生装置，同时开发了灭火毯、防火服、防毒面罩等配套产品。Core views:
Full year results exceeded expectations. According to the annual report released by the company on April 12, in '23, the company achieved revenue of 1,105 billion yuan, net profit to mother of 207 million yuan, +33.33% year-on-year, net profit after deducting net profit of 176 million yuan, +38.00% year-on-year; looking at Q4 alone, the company achieved revenue of 405 million yuan, +70.48% year-on-year, net profit to mother of 88 million yuan, +281.28% year-on-year; under the scale effect, net interest rate increased significantly. 23Q4 gross profit margin was 46.21%, +0.96pct year on year, +0.80pct month on month, net profit margin 21.79%, +12.05pct year on year, and +7.55pct month on month. Profitability increased markedly.
Overseas growth is impressive. In terms of revenue composition, export revenue was 542 million yuan, +73.55% year-on-year, gross profit margin +4.36pct, domestic sales revenue of 553 million yuan, +14.99% year-on-year, gross profit margin of 31.92%, -3.31pct year on year. Overseas and domestic revenue have already opened five or five; the non-wind power industry is expanding rapidly, the wind power industry's revenue is 1,082 million yuan, +36.73% year over year. Other industries have gradually progressed in the development of other industries.
Actively expand horizontally. In the field of industrial and building lifting equipment, the company has launched products such as industrial elevators that can be used in industrial chimneys and bridges, tower cranes, and tower crawlers that can be used in limited spaces such as power towers, tower cranes, and three-dimensional storage; in the field of intelligent safety protection equipment, the company has developed products such as smart safety helmets, full-body safety belts, speed differentiators, etc.; in the field of high-altitude emergency equipment, it has developed and launched emergency escape devices suitable for civil buildings, and also developed supporting products such as fire blankets, fire suits, and gas masks.
Profit forecasting and investment advice. EPS is expected to be 1.94/2.73/3.59 yuan/share in 24-26, respectively. Taking into account factors such as space, business model, competitive barriers, and performance growth in the company's industry, overseas markets were further developed. We gave the company a PE valuation of 21 times in 24 years, corresponding to a reasonable value of 40.79 yuan/share, and maintained a “buy” rating.
Risk warning. Market competition intensified; wind power industry development fell short of expectations; uncertainty about overseas trade policies; fans were “large-scale” too fast; overseas market development fell short of expectations.