Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% in the next six months [18][20]. Core Insights - The company achieved a revenue of 230 million yuan in 2023, representing a year-on-year growth of 13.2%. The growth was driven by the mass production of new projects in smart home appliances and the new energy vehicle sector [2][18]. - The company’s net profit attributable to shareholders reached 39.01 million yuan in 2023, up 12.16% year-on-year, with a significant increase in net profit excluding non-recurring items, which grew by 28.9% [18][20]. - The company is focusing on integrated and modular strategies to enhance profitability, with a gross margin of 30.8% in the first half of 2023, an increase of 4.2 percentage points year-on-year [19][20]. Summary by Sections Revenue and Profitability - The company’s revenue for 2023 is projected to be 202.07 million yuan in 2023E, with expected growth rates of 13.24% in 2023, 22.92% in 2024, and 24.83% in 2025 [21]. - The net profit attributable to the parent company is forecasted to be 34.78 million yuan in 2023E, with growth rates of 12.14% in 2023, 25.97% in 2024, and 23.19% in 2025 [21]. Business Segments - The company is actively expanding in three main business segments: automotive, home appliances, and industrial automation, with a notable increase in sales of components like electric irons and collaborations with major clients in the new energy sector [2][19]. - The new energy vehicle business is expected to see significant growth in 2024, potentially surpassing traditional automotive business in terms of revenue contribution [2][20]. Financial Metrics - The company’s EBITDA is projected to grow from 38.93 million yuan in 2023E to 70.37 million yuan in 2025E, indicating a strong upward trend in operational profitability [21]. - The price-to-earnings (PE) ratio is expected to decrease from 27 in 2023E to 15 in 2025E, suggesting an attractive valuation as earnings grow [21].
2023年年度业绩快报点评：产品结构持续优化，集成组件化策略提升23年盈利能力