海外业务盈利改善，空气悬架业务获重大突破

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a strong potential for stock performance in the next six months [6][28]. Core Insights - The company has shown significant improvement in overseas business profitability, with a notable increase in gross margin from 14.5% in 2022 to 19.1% in 2023. The air suspension business has also made substantial progress, contributing to overall revenue growth [28]. - The air suspension business generated revenue of 820 million in 2023, reflecting a year-on-year increase of 20%, with a gross margin of 22.7% [5][28]. - The company has a strong foothold in the air supply unit market and is expanding its air spring business, which is expected to enhance profitability as scale effects take hold [6][35]. Financial Summary - The company reported total revenue of 17.24 billion in 2023, a year-on-year increase of 15.6%, with a net profit of 1.13 billion, up 16.8% from the previous year [28]. - The projected net profits for 2024 and 2025 are 1.39 billion and 1.65 billion, respectively, with a new forecast for 2026 set at 1.88 billion [6][28]. - The gross margin for 2023 was 22.0%, with expectations for continued improvement in profitability across various business segments [28]. Business Development - The company is focusing on traditional business growth while also pushing for the development of new businesses such as air suspension systems, lightweight chassis systems, and thermal management systems [6]. - The company has established a global organizational structure to enhance management of overseas operations, which has led to improved efficiency and profitability [28]. - The company’s major clients include BYD, Li Auto, and Changan, with sales in the new energy sector reaching 5.98 billion in 2023, accounting for 36.3% of automotive business revenue [23].