公司点评：新项目扩展顺利，加快库存去化

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits of 520 million, 730 million, and 1 billion RMB for the years 2024-2026, corresponding to PE ratios of 23, 16, and 12 times respectively [1][10]. Core Insights - The company is expected to experience a recovery in profitability due to the increase in new customer orders and the expansion of its product offerings, particularly in the high-end segments of the home appliance and tool sectors. The automotive electronics segment is also entering a rapid growth phase driven by customer demand and production capacity [1][12]. - The company reported a revenue of 7.507 billion RMB for 2023, representing a year-on-year growth of 25.85%, while the net profit attributable to the parent company was 331 million RMB, down 24.27% year-on-year [18]. Summary by Sections Financial Performance - The company achieved a revenue of 7,507 million RMB in 2023, with a growth rate of 25.85% compared to the previous year. The net profit attributable to the parent company was 331 million RMB, reflecting a decline of 24.27% year-on-year [18]. - The gross profit margin decreased by 0.55 percentage points, and the net profit margin fell by 3.86 percentage points due to changes in product structure and increased operating expenses [18]. Business Segments - The controller business grew by 26.94% year-on-year, reaching 7.22 billion RMB, despite a challenging consumer environment. The home appliance and tool segments generated revenues of 4.579 billion and 811 million RMB, respectively, with increases of 24.67% and 7.8% [18]. - The automotive electronics segment maintained high growth, achieving a revenue of 552 million RMB, which is an increase of 82.52% year-on-year [18]. Inventory and Operations - The company is accelerating inventory turnover, with a significant reduction in raw material inventory, which decreased by 143 million RMB compared to the beginning of the period, totaling 1.09 billion RMB [1][12].