Westone(002268) 东吴证券·2024-04-28 00:02Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Insights - The company reported a revenue of 3.073 billion yuan in 2023, a decrease of 10.62% year-on-year, while the net profit attributable to shareholders was 348.76 million yuan, an increase of 13.74% year-on-year, aligning with market expectations [6][8]. - In Q1 2024, the company achieved a revenue of 128 million yuan, a significant decrease of 68.94% year-on-year, with a net loss of 194 million yuan, which is a 423.69% increase in loss compared to the previous year, falling short of market expectations [6][8]. - The company is actively expanding into new business areas such as vehicle networking security, satellite internet, artificial intelligence, and cloud security to meet the evolving security demands in the digital landscape [7][8]. Financial Summary - The company's gross margin for 2023 was 42.33%, an increase of 5.65 percentage points year-on-year, with an overall increase in expense ratios across sales, management, and R&D [6][7]. - The revenue forecast for 2024 is set at 3.679 billion yuan, with a projected growth rate of 19.73%, and the EPS for 2024 is adjusted to 0.51 yuan [6][8]. - The report highlights a projected EPS of 0.77 yuan for 2026, indicating a positive outlook for future earnings [6][8].