年报点评：2023年业绩同比+71%，产能扩张+全球化注入成长性

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company achieved a revenue of 10.57 billion yuan in 2023, representing a year-on-year increase of 52.2%, and a net profit attributable to shareholders of 806 million yuan, up 71.2% year-on-year [1]. - In Q4 2023, the company reported a revenue of 3.25 billion yuan, a year-on-year increase of 46.2%, and a net profit of 245 million yuan, reflecting a year-on-year growth of 56.6% [1]. - The growth in Q4 revenue was driven by a 21% quarter-on-quarter increase, with new exterior decoration business gradually ramping up [1]. - The company's core businesses, including dashboard assemblies and door panel assemblies, saw revenue growth of 53% and 37% year-on-year, respectively [1]. - The new exterior decoration business has emerged as a new growth point, with revenue from bumper assemblies and exterior accessories increasing by 113% and 202% year-on-year, respectively [1]. Financial Performance Summary - The company’s gross profit margin for 2023 was 20.05%, a slight increase of 0.3 percentage points year-on-year [1]. - The company is expected to continue expanding its production capacity, with plans to add 1.3 million sets of dashboard assemblies and 1.2 million sets of door inner panels by the end of 2026 [1]. - The report forecasts net profits for 2024, 2025, and 2026 to be 1.14 billion yuan, 1.43 billion yuan, and 1.79 billion yuan, respectively, with corresponding P/E ratios of 18.5, 14.7, and 11.8 [3][1].