UIH(688271) 广发证券·2024-02-28 16:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 159.45 CNY per share, indicating a potential upside from the current price of 140.00 CNY [4]. Core Insights - The company's performance in Q4 2023 showed rapid growth, with an expected total revenue of 11.411 billion CNY for the year, representing a year-over-year increase of 23.52%. The net profit attributable to shareholders is projected to be 1.974 billion CNY, up 19.21% year-over-year [3][4]. - The company continues to drive growth through technological innovation and product integration, launching several innovative products that strengthen its market position and expand into new markets [3]. - The overseas market is a key focus, with the company enhancing its brand influence and expanding its global business through mid-to-high-end products and technological advancements [3]. Financial Summary - For 2023, the company expects to achieve total revenue of 11.411 billion CNY, with a net profit of 1.974 billion CNY and a non-recurring net profit of 1.665 billion CNY [3]. - The projected revenue and profit growth rates for 2023-2025 are as follows: - 2023: Revenue 11.411 billion CNY, Net Profit 1.974 billion CNY - 2024: Revenue 14.293 billion CNY, Net Profit 2.389 billion CNY - 2025: Revenue 17.970 billion CNY, Net Profit 2.957 billion CNY [7]. - Earnings per share (EPS) are expected to be 2.40 CNY in 2023, 2.90 CNY in 2024, and 3.59 CNY in 2025 [3][7]. Market Position and Strategy - The company is positioned as a leading player in the domestic market with high industry technical barriers and a clear global competitive landscape. The low market share in overseas markets presents significant growth potential [3]. - The report emphasizes the importance of maintaining high R&D investment to support ongoing product innovation and market expansion [3][7].