全年业绩快速增长，看好客户结构优化+产品升级

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 179.44 CNY, based on a 35x PE for 2024 [6][8]. Core Views - The company achieved rapid revenue growth in 2023, with total revenue reaching 10.25 billion CNY, a year-on-year increase of 24.3%, and a net profit of 1.1 billion CNY, up 17.1% year-on-year [2][6]. - The customer structure is improving, with a significant increase in production from new energy vehicle manufacturers, which is expected to enhance the company's profitability [5][6]. - The company is focusing on product upgrades, including the mass production of DLP smart headlights and plans for Micro LED technology, which are anticipated to drive higher-value product sales [5][6]. Financial Performance Summary - In Q4 2023, the company reported revenue of 3.01 billion CNY, a year-on-year increase of 31.9%, and a net profit of 320 million CNY, up 71.0% year-on-year [2][4]. - The gross margin for 2023 was 21.2%, a decrease of 1.4 percentage points year-on-year, while the net margin was 10.8%, down 0.7 percentage points year-on-year [4]. - The company expects revenue growth of 26.01%, 24.99%, and 13.29% for 2024, 2025, and 2026, respectively, with net profit growth of 32.89%, 30.47%, and 14.60% for the same years [6][10]. Customer and Product Insights - Major customers such as FAW-Volkswagen and FAW-Toyota saw production declines in 2023, while new energy vehicle manufacturers like Li Auto and NIO experienced significant production increases, contributing to the company's revenue growth [3][5]. - The company is enhancing its product competitiveness through increased R&D investment and the introduction of advanced technologies, which is expected to improve profitability [5][6]. Valuation Metrics - The report forecasts the company's earnings per share (EPS) to be 5.13 CNY, 6.69 CNY, and 7.67 CNY for 2024, 2025, and 2026, respectively [6][10]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 36.6 in 2023 to 27.6 in 2024, indicating a favorable valuation trend [6][10].