Investment Rating - The report initiates coverage with a "Buy" rating for the company, projecting a price increase of over 15% relative to the industry index within the next six months [34]. Core Views - The company achieved a revenue of 467 million in 2023, representing a year-on-year growth of 23.6%, and a net profit attributable to shareholders of 77 million, up 45.3% year-on-year [2][15]. - The sensor business experienced significant growth, with revenue reaching 356 million, a 38.5% increase year-on-year, driven by product category expansion in smart automotive, smart instruments, and industrial control sectors [15][36]. - The company is recognized as a leading domestic supplier of ultrasonic sensors and related actuators, leveraging core technologies in transducer chip preparation, product structure design, intelligent algorithms, and precision processing [16][36]. Financial Summary - In 2023, the company's gross margin was 38.1%, an increase of 2.9 percentage points year-on-year, primarily due to high-value solutions from sensor product iterations and improved internal management [3]. - The company forecasts revenues of 620 million, 830 million, and 1.08 billion for 2024, 2025, and 2026, respectively, with corresponding net profits of 110 million, 150 million, and 210 million [5][15]. - The report highlights a projected PE ratio of 19.0, 13.4, and 9.6 for the years 2024, 2025, and 2026, respectively, indicating a favorable valuation trend [5][15].
2023年利润同比高增，智驾等多领域布局驱动长期发展