Investment Rating - The report assigns a "Buy" rating for the company [2] Core Views - The company achieved a net profit growth of 118% in 2023, with revenues reaching RMB 130 billion, marking a 21% increase [2] - The completion of the acquisition of Jabil enhances the company's competitiveness in consumer electronics and is expected to boost revenue and profit levels in 2024 [2] - The automotive electronics segment is poised for high-quality development, with new high-value products expected to drive a 50% revenue growth in 2024 [2] - The company is expanding its business boundaries into new categories, including AI servers, home energy storage, smart home products, gaming hardware, and drones [2] - The target price for the company is set at HKD 45, indicating a potential upside of 54.6% from the current price of HKD 28.85 [2] Financial Summary - For the fiscal year ending December 31, 2023, the company reported total revenue of RMB 130 billion and a net profit of RMB 4.04 billion [2][5] - Revenue projections for 2024-2026 are RMB 160.4 billion, RMB 172.3 billion, and RMB 184.9 billion, with growth rates of 23.4%, 7.4%, and 7.3% respectively [2] - Net profit forecasts for the same period are RMB 5.14 billion, RMB 6.27 billion, and RMB 7.24 billion, with growth rates of 27%, 22%, and 15.5% respectively [2] - The company’s earnings per share (EPS) for 2023 is projected at RMB 1.79, with further increases expected in the following years [2][5] - The company maintains a dividend payout ratio of 30% from 2024 onwards, with dividends per share projected to increase over the years [5]
完成收购捷普，汽车电子迎高质发展，不断拓宽业务边界