满单率和毛利率超预期

Investment Rating - The report upgrades the investment rating to "Buy" [4] Core Views - The company is expected to report a significant increase in net profit for Q1 2024, estimated between $99.1 million and$101.6 million, representing a year-on-year growth of approximately 95% to 100% [5] - The recovery in orders and improved capacity utilization are anticipated to lead to a better-than-expected gross margin [5] - The company has reduced its manufacturing workforce by about 15% in 2023 while maintaining stable revenue for Q1 2024, indicating operational efficiency [5] - The projected revenue for the group for 2024, 2025, and 2026 is $8.397 billion,$8.922 billion, and $9.485 billion respectively, with year-on-year growth rates of 6.4$419 million, $491 million, and$565 million, with year-on-year growth rates of 52.4%, 17.2%, and 15.2% respectively [5] Financial Summary - The company reported a revenue of $7.89 billion in 2023, with a projected increase to$8.397 billion in 2024, reflecting a growth of 6.4% [6] - The gross margin is expected to improve from 24.4% in 2023 to 25.6% in 2024 [6] - The return on equity (ROE) is projected to rise from 6.5% in 2023 to 9.8% in 2024 [6] - Earnings per share (EPS) are expected to increase from $0.17 in 2023 to$0.26 in 2024 [6]