2023年年报&2024年一季报点评：海外盈利水平表现亮眼，业绩符合预期

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 46 yuan based on a projected P/E of 22 times for 2025 [8][23]. Core Insights - The company's overseas profitability has significantly improved, with a product structure that continues to optimize. The average price of vehicle-mounted power supplies in 2023 was 2,451 yuan per unit, a 5% increase year-on-year, with a gross margin of 20%. The gross margin for domestic products was 17%, down 3 percentage points, while the overseas gross margin was 28%, up 13 percentage points [2]. - The company achieved a revenue of 5.523 billion yuan in 2023, a 44% year-on-year increase, and a net profit attributable to shareholders of 502.4 million yuan, a 70.47% increase year-on-year. The gross margin was 19.8%, remaining stable year-on-year [23]. - The company is expected to maintain a net profit margin of 10% in 2024, supported by cost reductions in the fourth-generation products and a rise in capacity utilization [2][8]. Summary by Sections Revenue and Profit Forecast - Total revenue is projected to reach 7.335 billion yuan in 2024, with a year-on-year growth of 32.82%. The net profit attributable to shareholders is expected to be 701.55 million yuan, reflecting a 39.64% increase [6][8]. - The earnings per share (EPS) is forecasted to be 1.67 yuan in 2024, with a P/E ratio of 20.39 times [6]. Market Position and Customer Base - The company maintained its leading market share in vehicle-mounted power supplies, achieving shipments of 2.01 million units in 2023, a 38% increase year-on-year. The market share was 32.38% [7]. - The company is expected to ship 2.7 to 2.8 million units in 2024, with a demand growth rate of 30-40% from key customers such as Geely, Ideal, and Changan [7][8]. Financial Metrics - The company's operating cash flow for Q1 2024 was -1.3 billion yuan, attributed to an increase in receivables. The capital expenditure was 1.1 billion yuan, a 20% increase year-on-year [24]. - The total assets are projected to reach 12.078 billion yuan in 2024, with a debt-to-equity ratio of 37.33% [13].