2024年轻装上阵，期待商业化加速兑现

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 10.93 [1]. Core Views - The company is expected to accelerate commercialization in 2024, with a focus on improving its product portfolio and market presence [4][15]. - The company reported a revenue of 4.068 billion yuan in 2023, representing a year-on-year growth of 6.03%, while the net profit attributable to shareholders was -551 million yuan, a significant decrease of 388.19% [9][12]. - The increase in asset impairment losses and R&D expenses were noted as key factors affecting the company's financial performance [9][12]. Financial Summary - Revenue projections for 2024-2026 are 5.176 billion yuan, 6.069 billion yuan, and 6.999 billion yuan, with growth rates of 27.24%, 17.24%, and 15.33% respectively [12]. - The net profit attributable to shareholders is expected to recover to 547 million yuan in 2024, 777 million yuan in 2025, and 1.040 billion yuan in 2026, with respective growth rates of 199.34%, 41.97%, and 33.87% [12]. - The company’s R&D expenses increased by 64.21% in 2023, amounting to 312 million yuan, reflecting a commitment to innovation [9][12].