业绩稳健增长，多平台厚积薄发

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's annual revenue for 2023 reached 19.701 billion RMB, representing a year-on-year increase of 23.18%, while the net profit attributable to shareholders was 2.151 billion RMB, up 26.5% year-on-year [1] - The gross margin for the year was 23.03%, an increase of 1.42 percentage points, and the net margin was 10.91%, up 0.29 percentage points [1] - For Q4 2023, revenue was 5.549 billion RMB, a year-on-year increase of 13.49%, with a net profit of 554 million RMB, growing 12.64% year-on-year [1] Revenue Breakdown by Business - Shock absorbers generated 4.299 billion RMB in revenue, up 11.04% year-on-year, with sales of 917 units, an increase of 7.73% [2] - Interior functional components accounted for 6.577 billion RMB, up 20.39% year-on-year, with sales of 7.87 million units, a rise of 15.78% [2] - Chassis systems revenue was 6.122 billion RMB, a significant increase of 37.73% year-on-year, with sales of 5.59 million units, up 36.47% [2] - Thermal management systems brought in 1.548 billion RMB, up 13.08% year-on-year, with sales of 620,000 units, also up 13.08% [2] - Automotive electronics revenue was 181 million RMB, down 5.77% year-on-year, with sales of 650,000 units, a decline of 11.18% [2] - Electric drive systems generated 2 million RMB in revenue, with sales of 20,000 units [2] Financial Analysis - In Q4, the gross margin increased by 4.25 percentage points, while the net margin slightly decreased by 0.02 percentage points due to rising sales, management, and R&D expense ratios [3] - The company reported credit impairment losses of 183 million RMB, accounting for -3.3% of revenue, primarily from bad debts related to Huaren Yuntong and WM Motor [3] - The overall expense ratio increased by 0.84 percentage points year-on-year, attributed to high R&D investments in projects like robotic electric drive systems and intelligent cockpit actuators [3] Profit Forecast and Valuation - The report maintains profit forecasts for 2024-2025 and adds a forecast for 2026, estimating revenues of 28.903 billion RMB, 37.387 billion RMB, and 42.325 billion RMB for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 46.7%, 29.4%, and 13.2% [3] - The net profit attributable to shareholders is projected to be 3.025 billion RMB, 3.996 billion RMB, and 4.665 billion RMB for the same years, with growth rates of 40.7%, 32.1%, and 16.7% respectively [3]