Q4业绩低于预期，费用计提影响利润

Investment Rating - The report maintains a "Buy" rating for the company [2][20][45]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 360 to 430 million yuan for the year 2023, representing a year-on-year increase of 68% to 101%. The non-recurring net profit is projected to be between 280 to 350 million yuan, reflecting a significant year-on-year growth of 236% to 320% [1][11]. - The earnings per share (EPS) for 2023, 2024, and 2025 are forecasted to be 1.91, 2.38, and 3.26 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 22, 18, and 13 times [2][50]. - The company is experiencing rapid growth in its air suspension business, with a revenue increase of 598% year-on-year in the first half of 2023, driven by a low penetration rate and strong demand [15][20]. - The company is positioned as a leading player in the global tire pressure monitoring system (TPMS) market, with a significant increase in market share, and is expected to benefit from the integration of its subsidiary [45][20]. Summary by Sections Financial Performance - The company forecasts total revenue of approximately 5.89 billion yuan in 2023, with a growth rate of 23.4%, and expects to reach 7.68 billion yuan in 2024 and 10.08 billion yuan in 2025, with growth rates of 30.3% and 31.3%, respectively [50][16]. - The net profit attributable to shareholders is projected to be 400 million yuan in 2023, 505 million yuan in 2024, and 690 million yuan in 2025, with growth rates of 88.7%, 25%, and 36.7% [50][16]. Business Segments - The air suspension segment is expected to see sales of 140,000, 300,000, and 510,000 units from 2023 to 2025, with a unit price of 2,800 yuan, contributing significantly to revenue growth [19]. - The sensor business is also anticipated to grow rapidly, with sales growth rates of 59%, 71%, and 46% from 2023 to 2025 [49]. Valuation - The company is valued at 25 times earnings for 2024, with a target price of 59.50 yuan, indicating a favorable outlook based on its leading position in the air suspension market and expected high-quality growth [20][45].