公司年报点评：持续看好亚太区增长潜力

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1][3]. Core Views - The company reported total revenue of $4.2 billion in 2023, a year-on-year increase of 10$0.37 million, a decrease of 37% [3][4]. - The company achieved revenue of $2.1 billion in the second half of 2023, reflecting a 3$2.26 billion, $1.21 billion, and$730 million respectively, with year-on-year growth rates of 1%, 26%, and 17% [3]. - The company expects continued strong order intake in 2024, with new orders totaling $6.1 billion in 2023, where the EPS business accounted for 81$4.2 billion, with a net profit of $0.37 million, resulting in a net profit margin of 0.9$4.6 billion, $5.1 billion, and$6.0 billion respectively, with net profits expected to be $1.54 million,$2.52 million, and $3.37 million [4][6]. Regional Performance - The Asia-Pacific region's revenue for 2023 was$1.21 billion, marking a 26% increase year-on-year, driven primarily by the EPS business [3][4]. Business Segments - The electric power steering (EPS) and powertrain systems (DL) were the main growth drivers, with EPS revenue reaching $2.86 billion, a 9% increase year-on-year [3][4]. Valuation - The company is expected to maintain a strong growth trajectory, with a projected P/E ratio of 12-14x for 2024, translating to a fair value range of HKD 5.75 to HKD 6.71 [3][4].