经营性利润转正，成长空间值得期待

Investment Rating - The investment rating for the company is upgraded to "Buy" [13] Core Views - The company has shown significant improvement in operational profitability, with expectations for growth potential [13] - The company reported a revenue of 2.531 billion yuan in 2023, representing a year-on-year growth of 21.1% [6][13] - The net profit attributable to the parent company for 2023 was 51 million yuan, marking a turnaround from losses [13] - The gross margin for 2023 was 24.8%, with expectations for improvement in the coming years [6][13] - The company has successfully reduced operating expenses, leading to a positive operational profit in Q4 2023 [13] Financial Summary - Revenue projections for the upcoming years are as follows: 3.164 billion yuan in 2024, 4.014 billion yuan in 2025, and 4.923 billion yuan in 2026 [6] - The net profit attributable to the parent company is forecasted to reach 224 million yuan in 2024, 399 million yuan in 2025, and 606 million yuan in 2026 [6] - The gross margin is expected to improve to 27.4% in 2024, 29.8% in 2025, and 32.1% in 2026 [6] - The company’s earnings per share (EPS) are projected to be 0.97 yuan in 2024, 1.72 yuan in 2025, and 2.61 yuan in 2026 [6] - The price-to-earnings (P/E) ratio is expected to decrease from 313.77 in 2024 to 19.82 in 2026, indicating improved valuation [6] Operational Insights - The company has over 1,200 product models, with shipments exceeding 5.3 billion units in 2023, achieving record revenue and shipment volumes [13] - The company has made significant advancements in the consumer electronics sector, particularly in optical image stabilization (OIS) technology for smartphone cameras [13] - There is substantial growth potential in the industrial and automotive sectors, with ongoing efforts to expand market applications [13]