2023年业绩符合预期，看好后续新客户新项目放量

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 15% or more relative to the industry index within the next six months [14]. Core Views - The company achieved a revenue of 10.248 billion yuan in 2023, representing a year-on-year growth of 24.3%. The net profit attributable to shareholders was 1.102 billion yuan, up 17.1% year-on-year [1][2]. - The company is expected to continue benefiting from new customer acquisitions and project launches, with projected revenues of 13.858 billion yuan, 17.216 billion yuan, and 21.094 billion yuan for 2024, 2025, and 2026 respectively [7]. Financial Performance - Revenue and Profitability: The company reported a revenue of 10.248 billion yuan in 2023, with a quarterly revenue of 3.012 billion yuan in Q4 2023, showing a year-on-year increase of 31.9% [1][2]. The gross margin for 2023 was 21.2%, a decrease of 1.4 percentage points year-on-year [3]. - New Projects: In 2023, the company launched 50 new vehicle models, significantly increasing production compared to 23 in 2022. Key clients such as FAW-Volkswagen and Chery saw sales growth of 3% and 53% respectively [2]. - Future Projections: The company anticipates a net profit of 1.556 billion yuan in 2024, with a projected growth rate of 41.2% year-on-year [9]. Strategic Initiatives - New Energy Projects: The company has a robust pipeline of new energy projects, with 58 new vehicle development projects undertaken in 2023. Upcoming projects include models from Li Auto and Zeekr [3]. - Global Expansion: The company is expanding its global footprint with new production capacities in Serbia, Mexico, and the United States, enhancing its global supply capabilities [7].