Laimu Electronics(603633) 开源证券·2024-04-29 14:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2][27]. Core Views - The company reported a revenue of 1.09 billion yuan in 2023, representing a year-over-year (YOY) increase of 17.13%, with a net profit attributable to the parent company of 72 million yuan, up 5.33% YOY [2]. - In Q4 2023, the company achieved a revenue of 312 million yuan, a YOY increase of 20.56%, and a net profit of 6 million yuan, which is a significant increase of 35.97% YOY [2]. - The company has shown strong growth in Q1 2024, with revenue reaching 331 million yuan, a YOY increase of 42.04%, and a net profit of 25 million yuan, up 25.20% YOY [2]. - The growth in revenue is primarily attributed to the increasing penetration of domestic new energy vehicles and the smooth ramp-up of production capacity [2]. - The company has adjusted its profit forecasts for 2024 and 2025 due to rising raw material costs, with new profit estimates for 2024, 2025, and 2026 being 130 million, 180 million, and 260 million yuan respectively [2]. - The current stock price corresponds to price-to-earnings (PE) ratios of 25.8, 18.5, and 13.0 for 2024, 2025, and 2026, respectively, indicating a positive long-term outlook for the company [2]. Financial Summary - The company’s automotive connector revenue in 2023 was 709 million yuan, reflecting a YOY growth of 6.36%, with a gross margin of 32.27%, an increase of 5.85% YOY [8]. - The revenue from mobile phone products was 266 million yuan, showing a YOY increase of 30.55%, driven by a recovery in the consumer electronics sector in the second half of 2023 [8]. - The company’s energy storage business is still in its early stages, generating revenue of 4 million yuan in 2023 [8]. - The company is optimizing resource allocation by disposing of idle medical equipment and other long-term assets, focusing on areas with strategic value and growth potential [8]. Research and Development - The company is increasing its investment in research and development, particularly in the fields of robotics and smart vehicles [3][24]. - Collaborations with universities are being pursued to develop a time-sensitive network backbone architecture for applications in smart vehicles and robotics [24].