Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable investment outlook based on current valuation and growth potential [6]. Core Insights - In 2023, the company achieved a record revenue of $4.207 billion, representing a year-on-year growth of 9.6%. The gross margin was 8.8%, a decrease of 0.8 percentage points compared to the previous year, with a net profit attributable to shareholders of $37 million [2][4]. - The company experienced strong revenue growth in the APAC region, with revenues of $2.26 billion, a 0.5% increase year-on-year, while North America saw a significant growth of 25.9% to $1.21 billion. The EMEASA region also grew by 17.2% to $730 million [2]. - The company secured new orders totaling $6.1 billion in 2023, with 41% coming from new clients and 81% from EPS (Electric Power Steering) business. The company aims to maintain a target order volume of $6 billion for 2024, supported by strong new order inflow and project launches [2][4]. Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are $4.431 billion, $4.697 billion, and $5.091 billion, respectively, with expected growth rates of 5.3%, 6.0%, and 8.4% [4]. - The net profit attributable to shareholders is forecasted to increase significantly from $123 million in 2024 to $206 million in 2026, reflecting growth rates of 234.6%, 29.0%, and 29.7% for the respective years [4]. - The gross margin is expected to improve to 10.6% in 2024 and reach 11.8% by 2026, indicating a positive trend in profitability [4].
收入创新高，中国市场增长强劲，期待北美盈利逐步改善