车载业务三管齐下，支撑公司增长动能

Investment Rating - The investment rating for the company is "Buy" (maintained) [17] Core Views - The company reported a revenue of 692 million yuan in 2023, representing a year-on-year increase of 14.82%. However, the net profit attributable to the parent company decreased by 8.78% to 133 million yuan. The gross margin was 45.14%, up by 0.89 percentage points year-on-year [17][24] - In Q1 2024, the company achieved a revenue of 142 million yuan, a year-on-year increase of 1.40%, but a quarter-on-quarter decrease of 40.83%. The net profit attributable to the parent company was 20 million yuan, down 48.81% year-on-year [17][24] - The company is focusing on expanding its automotive electronic business, which has shown significant growth, with revenue from automotive comfort system sensors and high-temperature gas sensors increasing by 36.70% year-on-year [27] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 692 million yuan, with a gross margin of 45.14% and a net profit of 133 million yuan. The revenue growth was driven by various business segments, including automotive electronics and smart metering [17][24] - The forecast for 2024 indicates a revenue of 972 million yuan, with a year-on-year growth of 40.5%, and a net profit of 181 million yuan, reflecting a growth of 36.3% [24][23] Business Segments - The gas sensor segment generated revenue of 543 million yuan in 2023, with a year-on-year increase of 12.51%. The medical health business, primarily driven by ultrasonic oxygen sensors, saw a revenue increase of 68.51% [5][21] - The automotive electronic business is expected to continue its growth trajectory, with significant orders and projects in the pipeline, contributing to the overall revenue increase [27][23] Future Outlook - The company anticipates continued growth in revenue and net profit over the next few years, with projections of 1.81 billion yuan in net profit by 2024, reflecting a 36.3% increase [23][24] - The focus on R&D and product innovation is expected to support long-term growth, despite short-term adjustments in net profit margins due to increased expenses [21][23]