营收利润稳步增长，持续加大投资金额

Investment Rating - The report maintains a "Buy" rating for the company [3][30]. Core Insights - The company reported a revenue of 20.074 billion yuan in 2023, representing a year-on-year growth of 26.75%. The net profit attributable to shareholders was 3.339 billion yuan, up 22.86% year-on-year [6][7]. - For 2024, the company plans to achieve a revenue of 22.1 billion yuan, which is a 10.09% increase from 2023, and a total profit of 4.11 billion yuan, also reflecting a 10.08% increase [6][30]. - The company is transitioning to become a comprehensive interconnection solution provider, with steady growth in connector and integrated interconnection component products [10][19]. Financial Performance - The company's gross margin for 2023 was 37.95%, an increase of 1.41 percentage points year-on-year, while the net profit margin was 17.61%, a decrease of 0.70 percentage points [19]. - The total operating expenses reached 3.913 billion yuan, a significant increase of 44.65% year-on-year, with the expense ratio rising to 19.49% of revenue [19][21]. - The company’s operating cash flow net amount was 3.088 billion yuan, a 45.79% increase year-on-year, indicating improved cash management [21]. Product Segmentation - Revenue from electrical connectors and integrated interconnection components was 15.5 billion yuan, accounting for 77.21% of total revenue, with a gross margin of 40.92% [10][19]. - Optical connectors and other optical devices generated revenue of 3.147 billion yuan, representing 15.68% of total revenue, with a gross margin of 26.44% [10][19]. - Liquid cooling solutions and other products achieved revenue of 1.427 billion yuan, accounting for 7.11% of total revenue [10]. Subsidiary Performance - The core subsidiary, Shenyang Xinghua, achieved revenue of 1.6 billion yuan, a year-on-year increase of 20.96%, with a net profit of 221 million yuan [15]. - Another subsidiary, AVIC Fushida, reported revenue of 815 million yuan, a slight increase of 0.82%, with a net profit of 155 million yuan [15]. Customer and Market Dynamics - The company’s sales to units under the Aviation Industry Group amounted to 3.7 billion yuan, a year-on-year increase of 28.95%, with expectations to reach 4.397 billion yuan in 2024 [25][27]. - The top five customers accounted for 42.43% of total sales, with the largest customer being a unit of the Aviation Industry Group [27]. Investment Plans - The company has outlined a 2024 investment plan totaling 2.37 billion yuan, a 25.56% increase from the previous year, aimed at key project developments [28][29].