Investment Rating - The report maintains a "Hold" rating for the company, with an expected price increase of 5% to 15% relative to the industry index over the next six months [16]. Core Insights - The company achieved a revenue of 570 million yuan in 2023, a year-on-year decrease of 9.9%, and a net profit attributable to shareholders of 71 million yuan, down 21.8% year-on-year [3][18]. - For Q1 2024, the company forecasts a net profit attributable to shareholders between 19 million to 22 million yuan, representing a year-on-year growth of 64% to 90% [3][34]. - The company is set to acquire a 75% stake in a Tier 1 cockpit display supplier, which is expected to drive new growth in the automotive display sector [5][22]. Revenue Summary - The company experienced a revenue decline in 2023 primarily due to intensified industry competition and a decrease in overseas market demand, with overseas revenue dropping by 60.73 million yuan [18]. - The revenue for Q4 2023 was 156 million yuan, showing a slight year-on-year decline of 1.3% but a quarter-on-quarter increase of 6.2% [3][18]. Profitability Summary - The gross margin for 2023 showed a recovery year-on-year, with a gross margin of 23.6% [19]. - The company expects significant growth in net profit for Q1 2024, driven by high revenue growth and the gradual mass production of high-margin products [35]. Business Expansion - The company is actively expanding into new business areas, including electronic cigarettes and two-wheeled vehicles, with successful market entries in India and Southeast Asia [8]. - The acquisition of the cockpit display supplier is anticipated to enhance the company's product offerings and customer base, potentially leading to a new growth trajectory in the automotive display market [5][22]. Financial Projections - The company is projected to achieve revenues of 1.21 billion yuan, 1.96 billion yuan, and 2.46 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 130 million yuan, 205 million yuan, and 290 million yuan [22][33].
1Q24预计归母净利润中值同比+77%，看好屏显新业务加速放量