Investment Rating - The investment rating for the company is "Buy" [1][9] Core Insights - The company achieved a revenue of 653 million yuan in 2023, representing a year-on-year increase of 26.9%, and a net profit attributable to shareholders of 114 million yuan, up 46.9% year-on-year [9] - The growth in performance is primarily driven by the rapid increase in sales of new energy vehicles and the steady growth in production and sales from major client BYD [9] - The company maintains a strong growth trend into Q1 2024, with revenue of 162 million yuan, up 23.5% year-on-year, and a net profit of 28 million yuan, up 22.95% year-on-year [9] Financial Performance - The company's gross profit margin for 2023 was 33.4%, an increase of 2.4 percentage points year-on-year [9] - The net profit margin for 2023 reached 17.4%, also up by 2.4 percentage points year-on-year [9] - The company’s operating cash flow for 2023 was 47 million yuan, with a projected increase to 162 million yuan in 2024 [12] Business Segmentation - Revenue from sensor-related business was 258 million yuan in 2023, up 31.6% year-on-year, while controller and actuator businesses generated revenues of 178.6 million yuan and 210.6 million yuan, increasing by 18.9% and 29.9% respectively [9] - Domestic sales accounted for 589 million yuan, a 29.2% increase year-on-year, while overseas sales were 64 million yuan, up 9.0% [9] Future Projections - The forecast for net profit attributable to shareholders is 147 million yuan for 2024 and 195 million yuan for 2025, with a projected net profit of 254 million yuan for 2026 [9][15] - The current stock price corresponds to dynamic P/E ratios of 11, 9, and 7 for 2024, 2025, and 2026 respectively [9] Competitive Advantages - The company has established strong relationships with high-quality clients, with major domestic car manufacturers as direct or indirect customers [9] - The company possesses significant R&D capabilities, controlling all core manufacturing processes for sensor products, which enhances cost control and product consistency [9]
2023年年报&2024年一季报点评：业绩快速增长，传感器业务打开成长空间