系列点评二：全年业绩高增剑指全球内外饰龙头

Investment Rating - The report maintains a "Recommended" rating for the company, with expected revenue growth and profitability improvements over the next few years [6][12]. Core Insights - The company achieved a record revenue of 10.57 billion yuan in 2023, representing a year-on-year increase of 52.2%, and a net profit of 806 million yuan, up 71.2% year-on-year [3][6]. - The growth in revenue and profit is primarily driven by increased orders from international electric vehicle brands and domestic manufacturers such as BYD, Geely, and Li Auto [3][4]. - The company is expanding its investment in international markets, including a 45 million euro investment in Slovakia and a 50 million dollar investment in the United States [3][6]. Revenue and Profitability - In Q4 2023, the company reported revenue of 3.25 billion yuan, a year-on-year increase of 46.1% and a quarter-on-quarter increase of 21.1% [3]. - The gross margin for 2023 was 20.1%, with a notable increase in Q4 to 20.8% [3][8]. - The company’s net profit margin for 2023 was 7.62%, with expectations for continued improvement in profitability driven by cost control and efficiency measures [8][10]. Market Position and Strategy - The company has steadily increased its market share in the passenger vehicle sector, reaching 20.38% in 2023, up from 13.95% in 2022 [6]. - The company is actively expanding its product offerings from interior components to exterior parts, enhancing its competitive position in the automotive supply chain [6][4]. - The strategic focus on new energy vehicles and partnerships with brands like Tesla and NIO is expected to drive future growth [4][6]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 13.91 billion yuan, 19.01 billion yuan, and 24.71 billion yuan, respectively, with corresponding net profits of 1.15 billion yuan, 1.62 billion yuan, and 2.13 billion yuan [7][8]. - The expected earnings per share (EPS) for the same years are 2.35 yuan, 3.32 yuan, and 4.38 yuan, indicating a strong growth trajectory [7][9]. Investment Opportunities - The company is well-positioned to capitalize on the global shift towards electric vehicles, with a robust supply chain and international expansion plans [6][4]. - The anticipated increase in foreign sales and the ability to meet diverse customer needs through strategic investments in production capacity are key growth drivers [6][3].