24Q1业绩符合预期，盈利依旧稳健

Investment Rating - The report maintains an "Accumulate" rating for the company [4][9]. Core Views - The company reported a revenue of 21.036 billion yuan in 2023, a year-on-year increase of 1.12%, and a net profit attributable to shareholders of 1.881 billion yuan, up 0.41% year-on-year [6][7]. - Despite industry price wars, the company's performance has improved, with a notable increase in sales of electric three-wheelers and parts [7][8]. - The company is focusing on product diversification and enhancing user experience by continuously launching high-quality new products, which is expected to improve market share [8][9]. Financial Summary - 2023 Financial Performance: - Revenue: 21.036 billion yuan, +1.12% YoY - Net Profit: 1.881 billion yuan, +0.41% YoY - Q4 2023 Revenue: 3.581 billion yuan, +0.18% YoY, -50.54% QoQ - Q4 2023 Net Profit: 324 million yuan, -34.89% YoY, -51.18% QoQ [6][7][8]. - 2024 Q1 Performance: - Revenue: 4.954 billion yuan, -8.97% YoY, +38.35% QoQ - Net Profit: 483 million yuan, +1.16% YoY, +49.37% QoQ - Gross Margin: 18.04%, +2.22 percentage points YoY, -1.92 percentage points QoQ [8][9]. - Future Earnings Forecast: - 2024: 2.244 billion yuan - 2025: 2.797 billion yuan - 2026: 3.194 billion yuan [3][4][9]. Product and Market Strategy - The company is enhancing its overseas channel layout and expanding domestic terminal stores while optimizing store management, which is expected to further increase market share [8][9]. - The introduction of trade-in policies is anticipated to stimulate overall industry demand, alongside a reduction in domestic price wars, which bodes well for the company's future profitability [8][9].