感知业务高增，800G小批量交付

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 31.66 CNY and a fair value of 35.81 CNY [1]. Core Insights - The company reported a revenue of 10.208 billion CNY in 2023, a decrease of 15% year-on-year, while the net profit attributable to shareholders was 1.007 billion CNY, an increase of 11.14% [3]. - The smart manufacturing equipment segment is expanding internationally, with a revenue of 3.19 billion CNY in 2023, down 3% year-on-year, but with an improved gross margin of 33.93%, up 1.65 percentage points from the previous year [3]. - The connectivity business remains competitive, with 800G products achieving small-scale delivery. The revenue for this segment was 3.11 billion CNY, a decline of 45.52% year-on-year, primarily due to the impact of the 5G construction cycle [3]. - The perception business experienced rapid growth, with a revenue of 3.248 billion CNY in 2023, up 40.02% year-on-year, driven by the new energy vehicle sector [3]. - Profit forecasts indicate that the net profit attributable to shareholders is expected to be 1.2 billion CNY in 2024, 1.443 billion CNY in 2025, and 1.739 billion CNY in 2026 [3]. Financial Summary - Revenue (in million CNY): 2022A: 12,011; 2023A: 10,208; 2024E: 12,031; 2025E: 14,206; 2026E: 16,804 [1][3]. - Net Profit (in million CNY): 2022A: 906; 2023A: 1,007; 2024E: 1,200; 2025E: 1,443; 2026E: 1,739 [1][3]. - EPS (CNY/share): 2022A: 0.90; 2023A: 1.00; 2024E: 1.19; 2025E: 1.44; 2026E: 1.73 [1][3]. - P/E Ratio: 2022A: 18.23; 2023A: 29.76; 2024E: 26.52; 2025E: 22.06; 2026E: 18.31 [1][3].