2023年年报点评：内外共修，全年业绩超预期！

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported its 2023 annual results, which exceeded expectations, achieving a total revenue of 21.9 billion yuan, a year-on-year increase of 46.7%, and a net profit attributable to shareholders of 1.55 billion yuan, a year-on-year increase of 30.6% [3][4] - The cabin and intelligent driving businesses are driving growth, with cabin revenue reaching 15.8 billion yuan, up 34% year-on-year, and intelligent driving revenue reaching 4.49 billion yuan, up 74% year-on-year [4] - The company has a strong order backlog, with annualized sales from new projects exceeding 24.5 billion yuan, supporting future revenue growth [4][5] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 21.9 billion yuan, with a year-on-year growth of 46.7% and a net profit of 1.55 billion yuan, reflecting a 30.6% increase [3] - The fourth quarter of 2023 saw revenue of 7.44 billion yuan, with a year-on-year increase of 54.2% and a net profit of 586 million yuan, up 19.3% year-on-year [3][4] Business Segments - The cabin business saw a revenue increase of 34% year-on-year, driven by new product launches and increased production from key clients [4] - The intelligent driving business reported a revenue increase of 74% year-on-year, significantly outperforming the overall market [4] Future Projections - Revenue forecasts for 2024 and 2025 have been raised to 28.5 billion yuan and 36.9 billion yuan, respectively, with expected growth rates of 30% for both years [5] - The projected net profit for 2024 is 2.29 billion yuan, with a year-on-year growth of 48% [5] Market Position - The company has accelerated its globalization strategy, securing new international clients and establishing a manufacturing facility in Mexico [4][5] - The stock is currently priced at 126 yuan, with a market capitalization of approximately 69.93 billion yuan [7]