2023年报点评：23年全年净利增速超70%，24年拓份额及全球化布局提速

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][14]. Core Insights - The company achieved a net profit growth of over 70% in 2023, with a net profit of 806 million yuan, reflecting a year-on-year increase of 71% [1]. - The revenue for 2023 reached 10.57 billion yuan, a 52% increase year-on-year, driven by growth in core customers and accelerated product development [1]. - The company is expanding its global footprint, particularly in North America and Europe, with significant investments aimed at enhancing production capacity and market share [1][2]. Financial Performance Summary - 2023 Financials: - Total revenue: 10.57 billion yuan, up 52.2% year-on-year - Net profit: 806 million yuan, up 71.2% year-on-year - Gross margin: 20.0% [3][9] - 2024 Projections: - Expected revenue: 13.60 billion yuan, with a growth rate of 28.7% - Expected net profit: 1.10 billion yuan, with a growth rate of 36.9% - Earnings per share: 2.26 yuan [3][9] - Valuation Metrics: - Price-to-earnings (P/E) ratio for 2024: 25, targeting a market value of 27.6 billion yuan and a target price of 56.6 yuan per share [2][5]. Market Expansion and Strategy - The company is focusing on increasing its market share through product category expansion and international market penetration, aiming to become a leading global player in automotive interior and exterior components [2]. - Significant investments in new facilities in Mexico and Slovakia are expected to enhance production capabilities and support future growth [1][2].