KEBODA(603786) 国泰君安·2024-04-21 05:32Investment Rating - The investment rating for the company is "Buy" with a target price of 91.60 CNY, maintaining the previous rating of "Buy" [1][2]. Core Views - The company has shown continuous performance growth, with promising prospects in new businesses such as domain controllers and efuse products [1]. - The first quarter of 2024 saw a significant increase in net profit, exceeding expectations, with a reported revenue of 1.417 billion CNY, a year-on-year growth of 55% [1][2]. - The company is focusing on optimizing its product structure and expanding its automotive intelligence and domain control businesses, which are expected to contribute to future growth [1]. Financial Summary - The company achieved a revenue of 4.625 billion CNY in 2023, representing a year-on-year increase of 36.7% [2]. - The net profit for 2023 was 609 million CNY, a growth of 35.3% compared to the previous year [1][2]. - The earnings per share (EPS) for 2024 is projected to be 2.29 CNY, with an increase to 3.39 CNY by 2026 [1]. Business Performance - The revenue from automotive-related businesses increased by 242% year-on-year in Q1 2024, indicating strong demand [1]. - The core business of lighting control systems also saw sustained revenue growth, achieving 730 million CNY in Q1 2024, a year-on-year increase of 58% [1]. - The company is expected to maintain a net profit margin of 14.6% in 2024, with a projected return on equity (ROE) of 17.2% [2].