2023年报业绩点评：产品升级带动ASP向上，开启新扩产周期

Investment Rating - The report maintains a "Buy" rating for the company [3][5][19] - The target price is set at 49.72 CNY, up from the previous forecast of 45.78 CNY [5][19] Core Insights - The company's 2023 annual revenue reached 33.16 billion CNY, a year-on-year increase of 18%, with net profit attributable to shareholders at 5.63 billion CNY, also up 18% [3][4] - The average selling price (ASP) for the year increased by 6%, with high-value products accounting for 54% of revenue [3] - The company achieved a record quarterly revenue of 9.3 billion CNY in Q4 2023, marking a 22% year-on-year increase [3] Financial Summary - Revenue growth is projected at 14% for 2024 and 16% for 2025, with expected revenues of 37.64 billion CNY and 43.66 billion CNY respectively [4] - The company’s gross margin improved to 35.39% in 2023, up 1.36 percentage points year-on-year, with Q4 gross margin at 36.5%, an increase of 3.6 percentage points [3][4] - Capital expenditure reached a new high of 4.5 billion CNY in 2023, primarily for expanding automotive glass production lines domestically and internationally [3] Earnings Per Share (EPS) Forecast - The EPS for 2024 is projected to be 2.41 CNY, increasing to 2.83 CNY in 2025 and 3.33 CNY in 2026 [4][5] Market Position - The company is expected to increase its overall automotive glass production capacity by 25% by the end of 2025, driven by new production lines in Fuzhou and Anhui, as well as the second phase in North America [3]