盈利能力快速提升，自动驾驶落地生花

Investment Rating - Buy rating maintained for Wanma Technology (300698) [12][24] Core Views - Wanma Technology's 2023 revenue reached 521 million yuan, with a slight year-on-year increase [12] - The company's Internet of Vehicles (IoV) business achieved 178 million yuan in revenue, accounting for 34.16% of total revenue and growing 48.14% year-on-year [12] - Net profit attributable to parent company reached 64 million yuan, up 109.63% year-on-year [12] - Gross profit margin increased by approximately 9 percentage points, mainly driven by high growth and high gross margin (66.51%) of IoV business [12] - The company is expected to focus on intelligent driving and IoV business in 2024, with autonomous driving business potentially entering harvest period [12] Business Development - Autonomous driving business signed cooperation with Geely, forming strategic partnerships with FAW and Dongfeng [6] - Subsidiary Youka Technology signed framework agreement with Geely's subsidiary Langge Technology, providing at least 6000P computing power support and related data services in next three years [13] - Youka Technology has formed work plans and implementation schemes with FAW Freesun and signed strategic cooperation agreement with Dongfeng Zhuolian [13] - The company's autonomous driving business revenue mainly comes from R&D investment of traditional automakers, with potential revenue scale of 300-500 million yuan per automaker [1] Industry and Policy - SASAC is increasing support for new energy vehicle central enterprises, with special assessment schemes expected to be introduced for FAW, Dongfeng, and Changan [1] - The National Standardization Development Outline Implementation Plan (2024-2025) proposes to focus on key areas of integrated infrastructure such as IoV [7] - The company established overseas subsidiaries to expand IoV business internationally, following development paths of Jasper and Cubic [7] Financial Performance - Revenue is expected to grow from 521 million yuan in 2023 to 1.531 billion yuan in 2026, with year-on-year growth rates of 34.4%, 42.3%, and 53.7% respectively [10] - Net profit attributable to parent company is projected to increase from 64 million yuan in 2023 to 339 million yuan in 2026 [10] - Gross profit margin is forecasted to maintain around 40% from 2023 to 2026 [10] - ROE is expected to improve from 13.7% in 2023 to 29.6% in 2026 [10] - EPS is projected to grow from 0.48 yuan in 2023 to 2.53 yuan in 2026 [10] Technology and Innovation - Subsidiary Youka Technology collaborated with NVIDIA to develop autonomous driving data closed-loop platform toolchain [12] - The company's platform helps OEMs improve R&D efficiency in data collection, processing, storage, annotation, model training, and simulation [12] - Tesla's FSD V12 global rollout indicates accelerating trend of AI+ autonomous driving, with increasing demand for cloud computing power [12]