23年平稳收官，电动三轮车需求加速

Investment Rating - The investment rating for the company is "Outperform the Market" [2][6] Core Views - The company reported a stable performance in 2023, achieving a revenue of 21.04 billion yuan, a year-on-year increase of 1.1%, and a net profit of 1.88 billion yuan, up 0.4% year-on-year [3][5] - The demand for electric tricycles is accelerating, with a significant increase in sales, particularly in the electric tricycle segment, which saw a revenue growth of 79.9% [3][4] - The company maintains a strong brand advantage and focuses on its core business, leading to slight growth in operational performance despite market challenges [3][4] Financial Performance Summary - In 2023, the company achieved quarterly revenues of 5.44 billion, 4.77 billion, 7.24 billion, and 3.58 billion yuan, with year-on-year changes of +18.6%, -1.6%, -7.1%, and +0.2% respectively [3] - The gross profit margin for 2023 was 16.5%, an increase of 0.1 percentage points, while the operating expense ratio was 6.2%, up 0.7 percentage points [3][5] - The company expects revenues to grow significantly in the coming years, with projected revenues of 24.63 billion yuan in 2024 and 29.19 billion yuan in 2025, reflecting year-on-year growth rates of 17.1% and 18.5% respectively [5][8] Product and Regional Performance - In terms of product sales, electric bicycles, electric motorcycles, and electric tricycles generated revenues of 12.85 billion, 5.81 billion, and 1.43 billion yuan respectively in 2023, with electric tricycles showing the highest growth [3][4] - The company has maintained a leading sales scale in East China, while regions such as Central China, Southwest, and Northwest have shown rapid growth [4][5] - Domestic revenue distribution showed a slight increase in Central China by 15.7%, while other regions experienced varying degrees of growth and decline [4][5]