手机逐步恢复，车载持续增长

Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Insights - The company has shown a recovery in revenue in the second half of 2023, with a year-on-year growth of 7.3% and a quarter-on-quarter growth of 21.9%, reaching 17.4 billion RMB [2]. - The company's gross margin for the second half of 2023 was recorded at 14.1%, showing a slight decline compared to the previous period [2]. - The net profit attributable to shareholders for the second half of 2023 was 660 million RMB, a decrease of 37% year-on-year [2]. - The company expects improvements in profitability for mobile products in 2024, driven by increased shipments and better product mix [2]. - The automotive business continues to grow steadily, with a revenue increase of 18% year-on-year in the second half of 2023 [2]. - The XR business has shown signs of recovery, with strategic partnerships leading to new project launches [2]. Financial Summary - The company's revenue for 2022 was 33.2 billion RMB, which decreased to 31.7 billion RMB in 2023, with a projected increase to 35.5 billion RMB in 2024 [5][19]. - The net profit attributable to shareholders dropped from 2.4 billion RMB in 2022 to 1.1 billion RMB in 2023, with an expected recovery to 1.9 billion RMB in 2024 [5][19]. - The overall gross margin is projected to improve from 14.5% in 2023 to 17.2% in 2024 [19]. - The company’s earnings per share (EPS) is expected to rise from 1.00 RMB in 2023 to 1.72 RMB in 2024 [5][19]. Segment Performance - Optical components, optoelectronic products, and optical instruments contributed 30%, 68%, and 2% to the revenue respectively in the second half of 2023 [2]. - Mobile-related products accounted for 65% of total revenue, while automotive-related products contributed 16% [2]. - The company maintained its leading position in the global automotive lens market, with a market share that widened compared to its closest competitor [2].