短期受费用影响略有承压，长期成长逻辑清晰

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][19]. Core Views - The company achieved significant revenue growth in 2023, with a total revenue of 5.897 billion yuan, representing a year-on-year increase of 23.44%. The net profit for the same year was 379 million yuan, up 76.92% year-on-year [15][16]. - In Q1 2024, the company reported a revenue of 1.483 billion yuan, a year-on-year increase of 24.94%, but the net profit decreased by 27.16% to 68 million yuan, primarily due to increased equity incentive expenses [16]. - The traditional business segments, such as TPMS, showed stable growth, while new segments like air suspension and sensors contributed significantly to revenue, with air suspension revenue increasing by 174.75% year-on-year [17]. - The long-term growth outlook for the company remains strong, supported by a clear growth path, cost control, and a high level of self-manufacturing for key components [18]. - The earnings forecast for 2024 and 2025 has been adjusted to 7.450 billion yuan and 9.179 billion yuan, respectively, with corresponding net profits of 462 million yuan and 661 million yuan [19]. Financial Summary - The company’s revenue and profit forecasts for the upcoming years are as follows: - 2024E Revenue: 7.450 billion yuan, Net Profit: 462 million yuan - 2025E Revenue: 9.179 billion yuan, Net Profit: 661 million yuan - 2026E Revenue: 11.098 billion yuan, Net Profit: 888 million yuan [3][19]. - The P/E ratios for 2024, 2025, and 2026 are projected to be 19.8, 13.9, and 10.3, respectively, indicating a favorable valuation trend [3][19]. - The company’s market price is currently at 43.18 yuan, with a market capitalization of 9.156 billion yuan [11].