2023年业绩快报点评：业绩符合预期，800V+海外占比持续提升

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [15][14]. Core Insights - The company reported a total revenue of 5.524 billion yuan for 2023, representing a year-on-year growth of 44.12%. The net profit attributable to the parent company reached 501.1 million yuan, up 69.98% year-on-year [5][15]. - The company is expected to continue benefiting from increased production capacity and a strong performance from key clients such as SAIC, Geely, and Ideal, with projected shipments of approximately 2.7 million units in 2024, a growth of 30-40% [14][15]. - The product mix is improving, with a focus on high-margin products like the 800V series and an increase in overseas sales, which is expected to enhance profitability [6][15]. Financial Summary - The company's total revenue is projected to grow from 5.524 billion yuan in 2023 to 7.295 billion yuan in 2024, and further to 8.866 billion yuan in 2025, reflecting a compound annual growth rate [5][11]. - The net profit attributable to the parent company is forecasted to increase from 501.1 million yuan in 2023 to 701 million yuan in 2024, and 850.76 million yuan in 2025 [5][11]. - The earnings per share (EPS) is expected to rise from 1.19 yuan in 2024 to 2.02 yuan in 2025, indicating strong earnings growth potential [5][11]. Market Position - The company is positioned as a leader in the domestic automotive power supply market, with a significant increase in production capacity and a growing market share [14][15]. - The report highlights the company's strategic focus on expanding its customer base, including partnerships with major automotive manufacturers both domestically and internationally [14][15].