聚焦核心业务，盈利能力增强

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company focuses on its core business, enhancing profitability with a significant increase in operating cash flow, which grew by 155.12% year-on-year [1][2] - The company's revenue for 2023 was 10.208 billion yuan, a decrease of 15.01% year-on-year, while net profit attributable to the parent company was 1.007 billion yuan, an increase of 11.14% year-on-year [1][2] - The report forecasts revenue growth for 2024 to 2026, estimating 13.074 billion yuan, 16.069 billion yuan, and 19.005 billion yuan respectively, with net profits of 1.321 billion yuan, 1.616 billion yuan, and 1.886 billion yuan [5] Financial Summary - In 2023, the company achieved a gross margin of 23.11%, an increase of 3.95 percentage points year-on-year, and a net profit margin of 9.78%, up by 2.37 percentage points [2] - The company's R&D expenses for 2023 were 750 million yuan, reflecting a year-on-year increase of 32.51% [2] - The intelligent manufacturing segment generated revenue of 3.19 billion yuan in 2023, with a gross margin of 33.93%, showing a slight decline in revenue but an improvement in profitability [2] - The connectivity business faced challenges, with revenue dropping by 45.52% to 3.11 billion yuan due to the impact of the 5G construction cycle [2][5] Business Segments - The perception business saw a revenue increase of 40.02% year-on-year, reaching 3.248 billion yuan, driven by growth in the new energy vehicle sector [5] - The company's laser holographic anti-counterfeiting business reported a revenue of 501 million yuan, down 12.63% year-on-year, primarily due to decreased demand in downstream industries [5]