Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a record revenue of $4.207 billion in 2023, with a year-on-year growth of 9.6%, while net profit decreased by 37% to $36.74 million [2] - The company is expected to see a rebound in profitability, with a projected compound annual growth rate (CAGR) of 87.4% for net profit from 2024 to 2026 [3] Summary by Sections Financial Performance - Revenue for 2023 reached $4.207 billion, up 9.6% year-on-year, while net profit was $36.74 million, down 37% [2] - The gross margin was 8.8%, a decrease of 0.8 percentage points, and the net margin was 1.07%, down 0.63 percentage points [2] - The company faced adverse impacts from foreign exchange fluctuations and supply chain disruptions, which affected profitability [2] Regional Performance - The Asia-Pacific region showed strong growth, with revenue increasing by 25.9% year-on-year, contributing 28.9% to total revenue [2] - North America revenue was $2.259 billion, a slight increase of 0.5%, while Europe, the Middle East, Africa, and South America saw a 17.3% increase in revenue [2] Future Outlook - The company has secured customer orders totaling $6.1 billion, with 83% allocated for electric vehicles or shared platforms [3] - The expected recovery in gross and net margins is anticipated due to ongoing cost-cutting measures and a decline in raw material prices [2][3] - The company is projected to achieve a PE ratio of 7.65, 5.60, and 4.30 for the years 2024, 2025, and 2026 respectively [1][3]
2023年年报点评：营收创历史新高，盈利能力将触底反弹