NJEC(SH:600699) Orient Securities·2024-04-07 16:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 26.26 yuan based on a 2024 PE valuation of 26 times [4]. Core Insights - The company's performance met expectations, with 2023 revenue of 55.728 billion yuan, a year-on-year increase of 11.9%, and a net profit attributable to shareholders of 1.083 billion yuan, up 174.8% year-on-year [2]. - The gross margin significantly improved to 15.1% for the year, an increase of 3.1 percentage points year-on-year, and the operating cash flow net amount reached 3.929 billion yuan, up 81.1% year-on-year [2]. - The automotive electronics business achieved revenue of 16.789 billion yuan, growing 11.2% year-on-year, while the automotive safety business generated revenue of 38.528 billion yuan, up 12.0% year-on-year [2]. Financial Performance Summary - 2023 revenue: 55.728 billion yuan, 11.9% growth from 2022 [3] - 2023 net profit: 1.083 billion yuan, 174.8% growth from 2022 [3] - 2023 gross margin: 15.1%, up 3.1 percentage points year-on-year [2] - 2023 operating cash flow: 3.929 billion yuan, up 81.1% year-on-year [2] - EPS forecast for 2024-2026: 1.01, 1.15, 1.24 yuan respectively [2]