Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Insights - The company has shown steady revenue growth, with Q4 revenue reaching 37.8 billion RMB, a year-on-year increase of 5%, and total annual revenue of 130 billion RMB, up 21% year-on-year. Key drivers include increased supply share from overseas major clients and rapid growth in the automotive smart products segment [2] - The gross profit margin for 2023 improved by 2.1 percentage points to 8%, marking a historical high, attributed to product structure optimization and enhanced operational efficiency. The net profit attributable to the parent company reached 4 billion RMB, a significant increase of 118% year-on-year [2] - The acquisition of Jabil's related assets at the end of 2023 is expected to contribute additional revenue, primarily by providing high-end mobile phone components to overseas major clients, thus expanding the company's supply range [2][3] Financial Summary - For 2024, the company is projected to achieve revenue of 161.1 billion RMB, with a year-on-year growth rate of 24%. The net profit attributable to the parent company is expected to be 5.1 billion RMB, reflecting a growth of 27% [3] - The financial forecasts for 2024-2026 indicate revenues of 161.1 billion RMB, 182.8 billion RMB, and 190.7 billion RMB respectively, with corresponding net profits of 5.1 billion RMB, 6.1 billion RMB, and 7.3 billion RMB [3][6] - The company's reasonable market value is estimated at 79.3 billion HKD, equivalent to approximately 35 HKD per share, based on a 12x P/E ratio for 2025 [3]
收入持续增长，产品结构向好