2023年年度报告点评：2023Q4业绩符合预期，自主内饰龙头持续成长

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 10.572 billion yuan in 2023, representing a year-on-year growth of 52.19%, and a net profit attributable to shareholders of 806 million yuan, up 71.19% year-on-year [3][4] - In Q4 2023, the company achieved a revenue of 3.253 billion yuan, a year-on-year increase of 46.16% and a quarter-on-quarter increase of 21.06%, with a net profit of 245 million yuan, reflecting a year-on-year growth of 56.57% and a quarter-on-quarter growth of 31.72% [3][4] Summary by Sections Financial Performance - The company’s total revenue for 2023 was 10.572 billion yuan, with a net profit of 806 million yuan, both showing significant growth compared to the previous year [3] - Q4 2023 revenue was 3.253 billion yuan, with a gross margin of 20.78%, which improved both year-on-year and quarter-on-quarter [3][4] - The company’s operating cash flow for 2023 was 590 million yuan, with a net increase in cash of 736 million yuan [10] Growth Prospects - The company is expanding its product offerings and has a competitive advantage in cost control and service responsiveness, particularly with key clients such as Geely and Chery [4] - The company is pursuing a global strategy, with operations expanding in Mexico, Slovakia, and the United States, positioning itself as a leader in automotive interior components [4] Earnings Forecast - The forecast for net profit attributable to shareholders is 1.122 billion yuan for 2024, 1.482 billion yuan for 2025, and 1.877 billion yuan for 2026, with corresponding EPS of 2.30 yuan, 3.04 yuan, and 3.85 yuan respectively [2][4] - The projected P/E ratios for the next three years are 19.05, 14.42, and 11.38 [2][4]