2023年年报点评：业绩符合预期，2024年有望稳健增长

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 39.50 CNY [5][8]. Core Views - The company's 2023 performance met expectations, with a focus on high-quality and diversified products to meet customer needs. The supply chain localization efforts are expected to enhance cost efficiency, leading to stable growth in 2024 [3][4]. - The company reported a total revenue of 21.036 billion CNY in 2023, a slight increase of 1.12% year-on-year, and a net profit attributable to shareholders of 1.881 billion CNY, up 0.41% [3][4]. - The fourth quarter of 2023 saw revenues of 3.581 billion CNY, a marginal increase of 0.18%, but net profit dropped by 34.89% to 324 million CNY due to increased competition and higher expenses [3][4]. - The report forecasts earnings per share (EPS) of 2.67 CNY for 2024, 3.32 CNY for 2025, and 3.99 CNY for 2026, indicating a positive growth trajectory [3][4]. Financial Summary - The company achieved a gross margin of 19.95% in Q4 2023, down 1.49 percentage points, and a net margin of 9.25%, down 4.69 percentage points [3][4]. - Sales and R&D expenses increased significantly in Q4 2023, with sales expenses rising by 31.65% to 148 million CNY and R&D expenses increasing by 32.06% to 174 million CNY [3][4]. - The sales volume for electric bicycles was 7.6 million units, up 5%, while electric two-wheel motorcycles saw a decline in sales by 18% to 2.69 million units [3][4]. Growth Drivers - The company is expected to drive growth in 2024 through improved demand capture using digital tools, efficient channel operations, and a focus on high-quality and diverse product offerings [3][4].