Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 22.32 CNY [1]. Core Insights - The company reported a revenue of 3.189 billion CNY in 2023, a slight increase of 0.6% year-on-year, but the net profit decreased by 39.3% to 136 million CNY. The fourth quarter of 2023 saw a revenue of 830 million CNY, down 9.6% year-on-year, resulting in a net loss of 4 million CNY [6]. - The decline in profit margins is attributed to the ramp-up phase of new production capacity and lower-than-expected customer demand, with a gross margin of 15.54% in 2023, down 1.73 percentage points year-on-year [6]. - The company is accelerating its globalization strategy through acquisitions, including a planned purchase of 97% of VOIT Automotive GmbH in Germany and 100% of Voit Polska Sp. Z o.o. in Poland, which will enhance its local production capacity and customer base in Europe [18]. Financial Forecast and Valuation - Revenue projections for the company are as follows: 3.875 billion CNY in 2024, 4.375 billion CNY in 2025, and 4.943 billion CNY in 2026, with growth rates of 22%, 13%, and 13% respectively [2]. - Net profit forecasts have been adjusted to 156 million CNY for 2024, 183 million CNY for 2025, and 223 million CNY for 2026, reflecting growth rates of 15%, 17%, and 22% respectively [7]. - The company’s P/E ratio is projected to decrease from 34.6 in 2023 to 21.1 by 2026, indicating an improving valuation over time [2]. Business Performance - The company’s core business segments include communication components and automotive parts, with communication revenue declining by 15.1% to 1.42 billion CNY in 2023, while automotive parts revenue increased by 12.7% to 1.62 billion CNY [6]. - The company has established strong partnerships with major clients in the automotive sector, including Tesla, BYD, and NIO, as well as in the communication sector with Ericsson and Huawei [18].
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