TOSPO(SH:603303) Guoxin Securities·2024-03-06 16:00Investment Rating - The investment rating for the company is "Accumulate" [1][3][11]. Core Views - The company achieved a revenue of 4.7 billion (+0.9%) and a net profit attributable to the parent company of 0.38 billion (+10.3%) in 2023, with a cash dividend payout ratio of 42.3% [1][3]. - The company's general lighting business performed steadily, while the automotive lighting segment saw rapid growth, with a revenue increase of 43.7% to 0.62 billion [1][3]. - The report suggests an adjustment in profit forecasts, maintaining the "Accumulate" rating, with projected net profits for 2024-2026 at 0.43 billion, 0.49 billion, and 0.55 billion respectively, reflecting growth rates of +15%, +14%, and +12% [1][3]. Summary by Sections Revenue Performance - The company reported a revenue of 4.7 billion in 2023, with a slight increase of 0.9% year-on-year. The fourth quarter revenue was 1.05 billion, showing a decline of 1.5% [1][3]. - The general lighting business saw a year-on-year decline of 2.8% to 4.04 billion, while the automotive lighting business grew significantly [1][3]. Profitability - The net profit attributable to the parent company for 2023 was 0.38 billion, up 10.3%, with a fourth quarter net profit of 0.1 billion, down 18.8% [1][3]. - The gross profit margin for 2023 increased by 2.6 percentage points to 19.4%, with the fourth quarter margin at 23.6% [1][3]. Future Projections - The company expects net profits to grow to 0.43 billion in 2024, 0.49 billion in 2025, and 0.55 billion in 2026, with corresponding growth rates of +15%, +14%, and +12% [1][3][13]. - The projected price-to-earnings ratios for the next three years are 13x, 11x, and 10x respectively [1][3].