VEICHI(SH:688698) Minsheng Securities·2024-04-16 16:00Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company achieved a revenue of 1.305 billion yuan in 2023, representing a year-on-year growth of 44.03%, and a net profit of 191 million yuan, up 36.38% year-on-year [1][9]. - The company is actively expanding into emerging sectors such as smart energy, robotics, medical devices, and high-end equipment, enhancing its product innovation and market outreach [2]. - Revenue forecasts for 2024-2026 are projected at 1.795 billion, 2.444 billion, and 3.280 billion yuan, with corresponding growth rates of 37.5%, 36.2%, and 34.2% [2][10]. Financial Performance - The gross profit margin for 2023 was 38.08%, an increase of 2.20 percentage points year-on-year, while the net profit margin was 14.45%, a decrease of 0.79 percentage points [1]. - The company’s operating expenses ratio for 2023 was 22.79%, showing a slight increase of 0.14 percentage points year-on-year, with stable expense rates across financial, management, R&D, and sales [1]. - The projected net profit for 2024-2026 is expected to be 255 million, 344 million, and 459 million yuan, with growth rates of 33.5%, 35.0%, and 33.5% respectively [2][10].