Beijing Jingwei Hirain Technologies (SH:688326) KAIYUAN SECURITIES·2024-05-02 14:30Investment Rating - The investment rating for the company is "Buy" (maintained) [10][35]. Core Views - The company has shown stable revenue growth, with a 16.30% year-on-year increase in revenue for 2023, reaching 4.678 billion yuan [12][35]. - In Q1 2024, the company achieved a gross margin of 24.68%, showing a quarter-on-quarter improvement [13][36]. - The company is actively expanding its presence in both domestic and international markets, focusing on comprehensive coverage of vehicle electronic control products [2][26]. Financial Performance Summary - The company's revenue for 2023 was 4.678 billion yuan, with a year-on-year growth of 16.30% [12]. - The net profit attributable to the parent company for 2023 was -217 million yuan, indicating a loss compared to the previous year [35]. - The forecast for net profit attributable to the parent company for 2024-2026 is 9 million yuan, 185 million yuan, and 407 million yuan, respectively [35]. - The earnings per share (EPS) for 2024-2026 are projected to be 0.08 yuan, 1.54 yuan, and 3.40 yuan, respectively [35]. - The company’s gross margin is expected to improve slightly from 25.7% in 2024 to 27.0% in 2026 [27]. Market Position and Strategy - The company is adapting to the trends of electric and intelligent vehicle development, focusing on central computing architecture [26]. - In the domestic market, the company has secured contracts for distributed domain control products and is making progress in developing urban NOA functions [26]. - The company has also made significant strides in the international market, securing contracts with major OEMs like Stellantis and Scania [26].