汽零业务延续高增，毛利率改善兑现

Investment Rating - The report maintains a "Buy" rating for the company, with a 6-month target price of 21.91 RMB [5] Core Views - The company's automotive parts business continues to grow rapidly, driven by the global new energy vehicle trend, with a 31.9% YoY increase in revenue in 2023 [2] - The company's gross margin improved to 27.9% in 2023, up 1.8 percentage points YoY, benefiting from economies of scale and product upgrades in the automotive business [2] - The company is actively expanding into strategic emerging businesses such as robotics and energy storage, which are expected to drive long-term growth [2] Financial Performance - In 2023, the company achieved revenue of 24.56 billion RMB, a 15.0% YoY increase, and net profit attributable to the parent company of 2.92 billion RMB, a 13.5% YoY increase [1] - In Q1 2024, the company achieved revenue of 6.44 billion RMB, a 13.4% YoY increase, and net profit attributable to the parent company of 650 million RMB, a 7.7% YoY increase [1] - The company's EPS is expected to grow from 0.78 RMB in 2023 to 1.23 RMB in 2026, with a projected PE ratio of 23.9x, 20.4x, and 17.8x for 2024-2026 respectively [3] Business Segments - The refrigeration and air conditioning business achieved revenue of 14.64 billion RMB in 2023, a 5.9% YoY increase, maintaining steady growth [2] - The automotive parts business achieved revenue of 9.91 billion RMB in 2023, a 31.9% YoY increase, driven by the rapid expansion of the new energy vehicle market [2] Strategic Initiatives - The company is closely tracking developments in energy storage system technology and has begun supplying components to leading customers in this field [2] - In the robotics sector, the company is focusing on electromechanical actuators and is collaborating with leading partners to establish overseas production facilities [2]