海外布局加速，产品结构持续优化

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [13]. Core Views - The company achieved operating revenue of 5.523 billion yuan in 2023, representing a year-on-year increase of 44.09%. The net profit attributable to the parent company was 502 million yuan, up 70.47% year-on-year. In Q1 2024, the company reported operating revenue of 1.367 billion yuan, a year-on-year increase of 30.99%, and a net profit of 114 million yuan, up 29.54% year-on-year [13]. - The company is actively implementing a "going out" strategy, with overseas revenue reaching 668 million yuan in 2023, a year-on-year increase of 192%. It has begun mass production and sales of vehicle-mounted power integration products for well-known overseas automakers such as Stellantis, Renault, Aston Martin, and Ferrari [13]. - The company holds a market share of 18.8% in the passenger car onboard charger market in China, ranking second, and a market share of approximately 32.38% in the third-party supply market, ranking first [13]. - The company is expected to achieve net profits attributable to the parent company of 671 million yuan, 826 million yuan, and 992 million yuan for the years 2024 to 2026, representing year-on-year growth rates of 34%, 23%, and 20% respectively [13]. Financial Summary - The company's total operating revenue is projected to reach 11.484 billion yuan by 2026, with a compound annual growth rate (CAGR) of 20.6% from 2024 to 2026 [14]. - The gross profit margin for 2023 was 19.84%, with a slight decrease to 19.31% in Q1 2024. The company has maintained good cost control, with sales, management, and R&D expense ratios of 2.36%, 2.47%, and 4.87% in 2023, respectively [13]. - The company's earnings per share (EPS) is expected to grow from 1.19 yuan in 2024 to 2.36 yuan in 2026, with corresponding P/E ratios of 22 and 15.08 for those years [14].