业绩表现优异，海外收入占比提升

Investment Rating - The report maintains a "Buy" rating for the company, with a target price range of RMB 31.00 to RMB 31.00 [18] Core Views - The company's performance in 2023 exceeded industry levels, with significant growth in both revenue and profit, driven by improved product performance and refined management practices [6] - Overseas revenue growth has been strong, with the company expanding its presence in over 40 countries and regions, enhancing its "growth" attributes and reducing cyclicality [6] - The company's third-phase project is expected to be fully operational in 2024, and the fourth-phase project has commenced construction, with an estimated annual output value of RMB 3.5 billion upon completion [6] - The company's overseas revenue contribution is expected to continue increasing, supporting its valuation and growth trajectory [6] Financial Performance Summary - Revenue for 2023 is projected to reach RMB 2.326 billion, a 26.02% increase year-over-year, with further growth expected to RMB 3.232 billion by 2025 [1] - Net profit attributable to the parent company is forecasted to be RMB 320 million in 2023, growing to RMB 482 million by 2025, with a compound annual growth rate (CAGR) of 22.16% [1] - ROE (Return on Equity) is expected to rise from 20.04% in 2023 to 21.81% in 2025, reflecting improved profitability and efficiency [1] - The P/E ratio is projected to decline from 16.60x in 2023 to 11.04x in 2025, indicating potential undervaluation relative to growth prospects [1] Overseas Market Expansion - The company has successfully expanded its overseas market, with overseas revenue contributing significantly to overall growth [6] - The company's products are sold in over 40 countries and regions, with increasing market share due to competitive product quality and pricing [6] - The global manufacturing migration trend is expected to further boost the company's overseas revenue, enhancing its growth attributes [6] Capacity Expansion - The third-phase project is expected to be fully operational in 2024, with the fourth-phase project already under construction [6] - The fourth-phase project, with a total investment of RMB 750 million, is expected to achieve an annual output value of RMB 3.5 billion upon completion [6] - The company's capacity utilization rate remains high, supporting future growth and profitability [6] Valuation and Earnings Forecast - The company's earnings are forecasted to grow steadily, with net profit attributable to the parent company expected to reach RMB 3.89 billion in 2024 and RMB 4.82 billion in 2025 [6] - The current P/E ratio is 17x for 2023, 14x for 2024, and 11x for 2025, indicating a favorable valuation relative to growth prospects [6] - The "Buy" rating is supported by the company's strong performance, overseas expansion, and capacity growth [6][18]