2023年年报业绩点评：亚太地区+EPS业务进展顺利，客户群多元化开启新篇章

Investment Rating - Maintain "Buy" rating [2][3] Core Views - 2023 performance fell short of expectations with revenue up 9.6% YoY to $4.2 billion, but net profit down 36.7$37 million, primarily due to UAW strikes, supplier disruptions, restructuring, currency fluctuations, and inflation [2] - Asia-Pacific (APAC) region and EPS business showed strong progress, with APAC revenue up 25.9% YoY to $1.22 billion, accounting for 29$6 billion for 2024E [3] - The company has a leading advantage in steer-by-wire, steering system integration, and software design, positioning it well for higher levels of autonomous driving [3] Financial Performance - 2023 revenue: $4.207 billion, up 9.6$37 million, down 36.7% YoY [4] - 2024E revenue forecast: $4.493 billion, up 6.8$130 million, up 254.6% YoY [4] - 2026E net profit forecast: $222 million, up 41.1$350 million, down 5.0% YoY [2] - 2023 EBITDA margin: 8.8%, down 0.8 percentage points YoY [2] - 2024E EBITDA margin forecast: low double digits [2] - 2023 ROE: 1.87%, down from 3.00% in 2022 [4] - 2024E ROE forecast: 6.05% [4] Strategic Initiatives - Customer diversification: Secured EPS orders from a leading North American EV manufacturer and entered the Chinese OEM market with Li Auto and XPeng [3] - Strategic expansion: Optimized engineering resources globally and initiated construction of a new factory in Changshu, expected to drive future growth [3] Valuation - 2024E P/E: 8.8x [4] - 2025E P/E: 7.3x [4] - 2026E P/E: 5.2x [4]