车载稳健增长，手机持续复苏

Investment Rating - The report has downgraded the investment rating to "Accumulate" [2] Core Views - The company's 2023 revenue was 31.7 billion yuan, a decrease of 5% year-on-year, with a net profit of 1.1 billion yuan, down 54% [2] - The decline in net profit is primarily due to weak smartphone demand and reduced specifications [2] - In H2 2023, revenue increased by 7% to 17.5 billion yuan, while net profit decreased by 49% to 660 million yuan [2] - The smartphone segment saw a 10% decline in revenue, while the automotive segment grew by 29% [2] Financial Summary - Revenue for 2022 was 33.2 billion yuan, with a projected increase to 35.5 billion yuan in 2024, reflecting a growth rate of 12.17% [1] - Net profit for 2022 was 2.4 billion yuan, expected to rise to 1.5 billion yuan in 2024, indicating a growth rate of 38.26% [1] - The diluted earnings per share (EPS) decreased from 2.195 yuan in 2022 to 1.002 yuan in 2023, with a forecasted recovery to 1.386 yuan in 2024 [1] - The return on equity (ROE) dropped from 11.03% in 2022 to 4.90% in 2023, with a gradual recovery expected in the following years [1] Segment Analysis - In 2023, the smartphone segment generated 20.9 billion yuan, accounting for 66% of total revenue, while the automotive segment contributed 5.3 billion yuan, representing 17% [2] - The optical components and optoelectronic products accounted for 30% and 68% of revenue, respectively, with gross margins of 28% and 6% [2] - The company achieved a 15% increase in automotive lens shipments in 2023, despite a 3% decline in global automotive sales [2]