归母净利润增速亮眼，合作英伟达受益于自动驾驶大趋势

Investment Rating - The report assigns a rating of "Accumulate" to the company, maintaining this rating from the previous assessment [15]. Core Views - The company achieved a total operating revenue of 520.68 million yuan in 2023, reflecting a year-on-year increase of 2.35%. The net profit attributable to shareholders reached 64.46 million yuan, up 109.63% compared to the previous year [21]. - The rapid growth of the vehicle networking business has become the main growth driver for the company, with a year-on-year increase of 48.14% in this segment, making it the second-largest business area for the company [21]. - The company has launched an autonomous driving data closed-loop toolchain platform based on NVIDIA's GPU servers, positioning itself to benefit from the growing autonomous driving industry [22]. - The company is expected to achieve net profits of 94 million yuan, 131 million yuan, and 192 million yuan in 2024E, 2025E, and 2026E respectively, indicating strong growth potential [23]. Financial Summary - In 2022, the company reported operating revenue of 509 million yuan, which is projected to grow to 1,133 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 29.5% [21]. - The net profit attributable to shareholders is expected to increase from 31 million yuan in 2022 to 192 million yuan in 2026, reflecting a significant growth trajectory [21]. - The latest diluted EPS is projected to rise from 0.23 yuan in 2022 to 1.43 yuan in 2026, indicating improved profitability [21]. - The company's return on equity (ROE) is expected to increase from 6.7% in 2022 to 20.8% in 2026, showcasing enhanced efficiency in generating profits from equity [21].