充裕订单支撑业绩，全球化战略迎来突破

Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Insights - The company achieved a revenue of 21.908 billion yuan in 2023, representing a year-on-year growth of 46.7%. The net profit attributable to shareholders was 1.547 billion yuan, up 30.6% year-on-year [6]. - The company has a strong order backlog, with annualized sales from new project orders exceeding 24.5 billion yuan. The intelligent cockpit segment generated revenue of 15.802 billion yuan, a 34.4% increase year-on-year, while the intelligent driving segment saw revenue growth of 74.4%, reaching 4.485 billion yuan [6]. - The company has made significant progress in international market expansion, securing new clients such as AUDI and TATA MOTORS, and establishing a research center in Japan [6]. - The report forecasts net profits for 2024, 2025, and 2026 to be 2.054 billion yuan, 2.669 billion yuan, and 3.636 billion yuan, respectively, indicating a robust growth trajectory [6]. Financial Summary - Revenue (in million yuan): - 2022: 14,933 - 2023: 21,908 - 2024E: 27,519 - 2025E: 34,315 - 2026E: 42,472 - Year-on-year growth rates for revenue: - 2022: 56% - 2023: 47% - 2024E: 26% - 2025E: 25% - 2026E: 24% [3][6]. - Net profit (in million yuan): - 2022: 1,184 - 2023: 1,547 - 2024E: 2,054 - 2025E: 2,669 - 2026E: 3,636 - Year-on-year growth rates for net profit: - 2022: 42% - 2023: 31% - 2024E: 33% - 2025E: 30% - 2026E: 36% [3][6].