核心客户销售强势，2023业绩翻倍增长

Investment Rating - The report maintains a "Buy" rating for the company [2][10]. Core Insights - The company achieved a revenue of 2.6 billion yuan in 2023, representing a year-on-year increase of 86.96%, and a net profit attributable to shareholders of 309 million yuan, up 108.18% year-on-year [1][8]. - The company is expected to see net profits of 490 million, 654 million, and 867 million yuan for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 15, 11, and 9 [2][9]. - The company has strong sales from core customers, with significant contributions from clients like Li Auto and Seres, leading to a doubling of performance in 2023 [7][18]. Financial Performance - The company's revenue growth rate for 2023 was 87.0%, with a projected revenue of 4.3 billion yuan for 2024, reflecting a growth rate of 64.8% [9][33]. - The gross margin improved by 1.4 percentage points to 25.5% in 2023, with a significant increase in Q4 gross margin to 28.1% [8][9]. - The net profit margin also saw an increase, reaching 14.1% in Q4, up 2.0 percentage points year-on-year [8][9]. Customer and Market Dynamics - The company has established strong relationships with key clients, which are expected to drive future revenue growth as new models are launched [18][33]. - The company is expanding its production capacity and has secured orders exceeding 7 billion yuan, indicating robust demand for its products [33]. Future Outlook - The company plans to raise 300 million yuan through a private placement to support its main business and working capital needs [33]. - Revenue and net profit are projected to grow by 50-80% and 40-70% respectively in 2024, with a mid-point estimate of 4.8 billion yuan in net profit [33].