业绩进入筑底阶段，FB打开长期增量空间

Investment Rating - The report assigns a rating of "Accumulate" for the company, with a current price of 24.32 CNY and a target value of 30.9 CNY [6]. Core Views - The company's performance is entering a bottoming phase, with pricing strategies and changes in business structure leading to a decline in gross margin. In 2023, the company achieved revenue of 2.88 billion CNY, a year-on-year increase of 14.6%, and a net profit attributable to shareholders of 546 million CNY, up 7.7% year-on-year [1][19]. - The company is a leading one-stop supplier of automation components, with long-term growth logic driven by improvements in BOM coverage, expansion into long-tail customers, and new industry models. The potential business scale is significant, with applications in sectors such as new energy lithium batteries, photovoltaics, consumer electronics, automotive, and semiconductors [9]. Financial Summary - Revenue (million CNY): 2022A: 2515, 2023A: 2881, 2024E: 3181, 2025E: 3923, 2026E: 4947 [5]. - Net Profit (million CNY): 2022A: 506, 2023A: 546, 2024E: 598, 2025E: 729, 2026E: 922 [5]. - EBITDA (million CNY): 2022A: 610, 2023A: 685, 2024E: 768, 2025E: 925, 2026E: 1152 [5]. - EPS (CNY/share): 2022A: 0.91, 2023A: 0.95, 2024E: 1.03, 2025E: 1.26, 2026E: 1.60 [5]. - The company is expected to maintain a P/E ratio of 30x for 2024, reflecting its potential for high valuation premiums [15]. Industry Insights - The 3C industry generated revenue of 593 million CNY in 2023, accounting for 20.6% of total revenue, with a year-on-year growth of 4.3%. The industry is expected to see faster growth in 2024, with projected revenue growth rates of 40%, 38%, and 35% for 2024-2026 [10]. - The automotive sector's revenue was 193 million CNY in 2023, representing 6.7% of total revenue, with a decline of 4.3%. However, growth is anticipated in the coming years, with a projected growth rate of 25% for 2024-2026 [11]. - The semiconductor industry saw a revenue increase of 46.4% in 2023, with expectations for continued rapid growth, projecting revenue growth rates of 55% for 2024-2026 [27].