YTOT(SZ:300790) KAIYUAN SECURITIES·2024-04-29 06:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown improvement in its security business and significant growth in automotive electronics, with a focus on enhancing product competitiveness and maintaining market leadership [1][16] - The company aims to leverage technological innovation and increase R&D investment to drive product upgrades and meet market demand [16][26] Financial Performance Summary - In 2023, the company's security revenue was 1.437 billion yuan, a year-on-year increase of 2.91%, primarily due to ongoing efforts in the security lens sector and product structure optimization [1] - Automotive revenue reached 220 million yuan, a year-on-year increase of 192.92%, driven by the continuous introduction of automotive lens products to downstream customers [1] - Smart home revenue was 241 million yuan, a year-on-year decrease of 16.31%, attributed to a decline in downstream demand [1] - The company reported a total revenue of 2.145 billion yuan in 2023, a year-on-year increase of 16.19%, with a net profit attributable to the parent company of 31 million yuan, a year-on-year decrease of 78.60% [26] - For 2024, the company forecasts net profits of 175 million yuan, reflecting a significant recovery from the previous year [26] Future Outlook - The company plans to focus on its core security business while actively expanding into emerging fields such as automotive optics and industrial lenses [16] - The expected net profits for 2024, 2025, and 2026 are projected to be 180 million yuan, 250 million yuan, and 340 million yuan respectively, indicating a positive growth trajectory [26]