Investment Rating - The report assigns a "Buy" rating for the company, with a target price of HK$ 1.18, reflecting the expected performance of the medical business segment and the overall growth potential despite challenges in the automotive sector [2][29]. Core Insights - The company reported a total revenue of approximately 691.9 million ringgit for the fiscal year 2023, representing a year-on-year growth of 15.2%. The automotive segment continues to be the main contributor, accounting for about 47.6% of total revenue, while the medical segment saw a significant increase of 75.2% to 150 million ringgit [2][29]. - The gross profit margin improved to 31.9% in the fourth quarter, leading to an annual gross margin and net profit margin of 30.3% and 20.6%, respectively [2][29]. - The medical business segment is expected to maintain strong growth due to clear visibility of orders from key clients, which will be a major growth driver for the company in the coming years [2][29]. Summary by Sections Financial Performance - Total revenue for 2023 is projected at 691.9 million ringgit, with expected growth rates of 17.5% in 2024 and 18.2% in 2025 [2][29]. - The gross profit is forecasted to increase from 209.6 million ringgit in 2024 to 336.8 million ringgit by 2026, with gross margins improving from 30.3% to 32.1% over the same period [2][29]. Business Segments - The automotive segment is facing headwinds, with a slight decline in orders impacting growth. However, the long-term growth trajectory for electric vehicles and autonomous driving remains positive [2][29]. - The medical segment is expected to continue its robust performance, supported by automation solutions and a clear order visibility from major clients [2][29]. Operational Updates - The company has adjusted the timeline for its third factory, with both phases now expected to commence operations in the first quarter of 2025, while production will gradually start in the third quarter of 2024 [2][29]. - The report highlights the importance of the medical segment in providing support during critical times, which is expected to offset the slowdown in the automotive segment's growth [2][29].
医疗业务分部在关键时刻提供支撑