Investment Rating - The investment rating for the company is "Outperform the Market" [1][20] Core Views - The company reported a revenue of 1.78 billion yuan in 2023, representing a year-on-year increase of 41.0%. The net profit attributable to the parent company was 470 million yuan, up 73.6%, with a net profit margin of 26.6%, an increase of 5.0 percentage points year-on-year [3][21] - The company has a stable development supported by high-quality customers, with the top two customers contributing 84.91% and 8.12% of revenue, respectively [5][19] - The company focuses on international markets, primarily through OEM and ODM production for well-known international brands, achieving a revenue split of 5% domestic and 95% international [19] Financial Performance - The comprehensive gross profit margin for 2023 was 40.7%, an increase of 6.5 percentage points year-on-year. The expense ratio was 9.1%, up 1.5 percentage points [4][21] - The company expects net profits of 582 million yuan and 702 million yuan for 2024 and 2025, respectively, with year-on-year growth rates of 23.2% and 20.8% [20][21] - The company’s revenue is projected to reach 2.233 billion yuan in 2024, with a year-on-year growth of 25.8% [21][25] Market Comparison - The company’s stock closed at 75.45 yuan, with a market capitalization of 7.847 billion yuan [1][21] - The average PE ratio for comparable companies is 15.19, while the company is expected to have a PE of 12.5 and 10.4 for 2024 and 2025, respectively [8][20]
公司年报点评：行业景气上行，优质客户助力稳定发展