Investment Rating - The investment rating for the company is "Buy" [1][4][13]. Core Views - The company reported a revenue growth of 16% year-on-year for 2023, with a significant increase of 95% in Q4 2023. The total revenue for 2023 was 13.447 billion yuan, while the net profit attributable to shareholders was 1.283 billion yuan, reflecting a decrease of 15.4% year-on-year [1][2]. - The company's gross margin for 2023 was 17.83%, down 3.3 percentage points year-on-year. In Q4 2023, the gross margin was 18.23%, showing a quarter-on-quarter increase of 2.14 percentage points [1][2]. - The smart TV segment was a key driver of growth, with revenue of 7.290 billion yuan in 2023, up 32% year-on-year, and a shipment volume of 7.314 million units, an increase of 37.3% year-on-year [1][2]. - The company has launched an equity incentive plan for 2024-2026, setting ambitious revenue targets of 15.1 billion yuan, 17.4 billion yuan, and 18.8 billion yuan for those years, representing growth rates of 12.3%, 29.4%, and 39.8% respectively compared to 2023 [1][2]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 13.447 billion yuan, with a year-on-year growth of 16%. The net profit was 1.283 billion yuan, down 15.4% from the previous year [2][11]. - The company expects net profits for 2024-2026 to be 1.480 billion yuan, 1.786 billion yuan, and 1.955 billion yuan, with year-on-year growth rates of 15.4%, 20.7%, and 9.5% respectively [1][11]. Product Segmentation - The revenue breakdown for 2023 shows that smart TVs accounted for 54% of total revenue, interactive display products for 29%, innovative display products for 7%, and other segments for the remaining 10% [1][2]. - The company experienced a significant increase in the gaming monitor segment, with a shipment of 1.4299 million units in 2023, representing a year-on-year growth of 241.39% [1][2]. Market Outlook - The company is optimistic about the recovery of the interactive flat panel market in 2024, anticipating a rebound in sales following a decline in 2023 due to macroeconomic factors [1][2]. - The company is also focused on expanding its customer base and maintaining high growth rates in the gaming monitor and innovative display product segments [1][2].
4Q23营收同比增长95%，股权激励彰显未来发展信心