HASCO(SH:600741)2024-04-01 16:00Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Insights - The company achieved a revenue of 168.59 billion yuan in 2023, representing a year-on-year increase of 6.52%. The net profit attributable to shareholders was 7.21 billion yuan, with a slight increase of 0.15% year-on-year [1][3]. - The company is diversifying its customer base, with the revenue share from the SAIC system decreasing from 46.1% in 2021 to 41% in 2023, indicating a significant trend towards diversification [1]. - The company is transitioning towards electrification and intelligence in its product structure, with a notable increase in the supply of new energy components [1]. - The company’s revenue from electronic and electrical components grew by 18.68% year-on-year, while traditional products saw a decline in revenue growth [1][4]. Financial Forecast - Projected revenues for 2024, 2025, and 2026 are 176.73 billion yuan, 182.97 billion yuan, and 187.13 billion yuan, respectively. Corresponding net profits are expected to be 7.49 billion yuan, 8.05 billion yuan, and 8.34 billion yuan [3][4]. - The diluted EPS for the next three years is forecasted to be 2.38 yuan, 2.55 yuan, and 2.65 yuan [4]. - The gross margin is expected to remain stable, with slight increases projected from 13.32% in 2023 to 13.44% in 2026 [4].