Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company's performance in the second half of 2023 exceeded expectations, with a revenue of 11.2 billion RMB, showing a year-on-year stability and a quarter-on-quarter growth of 21.5%. The guidance for 2024 indicates a revenue growth of 20%-30% and a gross margin exceeding 20% [1]. - The optical segment is expected to see significant profit improvement, with a revenue of 1.9 billion RMB in 2023H2, reflecting a year-on-year growth of 36% and a quarter-on-quarter growth of 5%. The gross loss margin narrowed to 9.2% [1]. - The acoustic business is benefiting from upgrades and collaborations in the automotive sector, with a revenue of 4.18 billion RMB in 2023H2, a year-on-year decline of 11.5% but a quarter-on-quarter increase of 25.7% [1]. - The precision structural components segment saw over 30% year-on-year growth, with metal frame revenue increasing by 34% [1]. Financial Summary - The company reported a total revenue of 20,625 million RMB in 2022, with a slight decline to 20,419 million RMB in 2023, but is expected to rebound to 26,172 million RMB in 2024, reflecting a year-on-year growth of 28.2% [2][7]. - The net profit attributable to the parent company was 821 million RMB in 2022, decreasing to 740 million RMB in 2023, but projected to rise significantly to 1,418 million RMB in 2024, marking a growth rate of 91.5% [2][7]. - The earnings per share (EPS) for 2023 is reported at 0.62 RMB, with projections of 1.18 RMB for 2024 [2][8]. Segment Performance - The acoustic products segment generated revenue of 7.5 billion RMB in 2023, with a forecasted increase to 11.2 billion RMB in 2024, representing a growth of 49.5% [11]. - The optical products segment is expected to grow from 3.6 billion RMB in 2023 to 4.17 billion RMB in 2024, with a year-on-year growth of 15% [11]. - The precision components segment is projected to continue its growth trajectory, with significant contributions from new product launches [1].
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