汽车电子业务增速亮眼，全球化发展加速

Investment Rating - The report maintains a "Buy - A" investment rating for the company with a target price of 24.53 CNY [4][27]. Core Insights - The company reported a revenue of 1.917 billion CNY in 2023, a year-on-year decrease of 2.86%, and a net profit of 133 million CNY, down 25.35% year-on-year. However, in Q1 2024, revenue increased to 451 million CNY, a year-on-year growth of 8.05%, with net profit rising to 31 million CNY, up 40.07% year-on-year [1][2]. - The automotive electronics business showed significant growth, with revenue from this segment reaching 413 million CNY in 2023, a year-on-year increase of 73.90%, accounting for 21.55% of total revenue [2]. - The company has over 300 clients and more than 6,000 products, indicating a strong market presence and product diversification [3]. Financial Performance Summary - In 2023, the company's gross margin was 22.01%, down 1.04 percentage points year-on-year, while the net margin was 7.18%, down 2.14 percentage points year-on-year [2]. - The company’s R&D expenses were 116 million CNY in 2023, representing a year-on-year increase of 10.37% [3]. - The forecast for 2024-2026 projects revenues of 2.224 billion CNY, 2.663 billion CNY, and 3.160 billion CNY, with net profits of 232 million CNY, 277 million CNY, and 331 million CNY respectively [27]. Operational Developments - The company is enhancing its operational efficiency through the implementation of various management systems, including SAP and automated warehousing systems, which are expected to improve production efficiency and supply chain management [3]. - The company has established manufacturing bases in Mexico, Vietnam, and Romania, with ongoing expansions to support its global strategy [3][18].