年报点评：业绩符合预期，加速全球化布局

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 142.56 CNY, based on a projected 2024 PE of 27 times [2][6]. Core Insights - The company's performance met expectations with a 2023 revenue of 10.248 billion CNY, a year-on-year increase of 24.3%, and a net profit attributable to shareholders of 1.102 billion CNY, up 17.1% year-on-year [1][5]. - The gross margin faced slight pressure, decreasing to 21.2% for the year, while the expense ratio improved, with a total expense ratio of 9.5%, down 1.1 percentage points year-on-year [1][5]. - The company successfully expanded its customer base in the new energy sector, taking on 58 new vehicle development projects and achieving mass production for 50 models [1][5]. - Global expansion is accelerating, with the successful production launch in Serbia and the establishment of new entities in Mexico and the USA to enhance overseas capacity [1][5]. Financial Summary - The company reported a net cash flow from operating activities of 697 million CNY in 2023, a decline of 50.5% year-on-year, primarily due to reduced cash receipts from sales and increased payments for procurement and employee compensation [1][5]. - The projected earnings per share (EPS) for 2024-2026 are 5.28 CNY, 6.52 CNY, and 7.79 CNY respectively, indicating a positive growth trajectory [1][5]. - The company’s revenue is expected to grow to 12.409 billion CNY in 2024, with a year-on-year growth rate of 21.1% [5][6].