Q1业绩短暂承压，机器人业务前景广阔

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced significant revenue growth in 2023, with a total revenue of 245.58 billion yuan, representing a year-on-year increase of 15.04%. The net profit attributable to shareholders was 29.21 billion yuan, up 13.51% year-on-year [4][5] - In Q1 2024, the company achieved revenue of 64.4 billion yuan, a year-on-year increase of 13.4%, with a net profit of 6.48 billion yuan, up 7.73% year-on-year [4] - The automotive parts business faced slower growth due to lower-than-expected sales from downstream customers, while the robotics business shows promising prospects [5][6] - The company maintains a leading position in the thermal management sector for new energy vehicles and anticipates significant growth in its robotics business, which is expected to become a second growth curve [7] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 245.58 billion yuan and a net profit of 29.21 billion yuan, with a gross margin of 27.89% [4] - For Q1 2024, revenue was 64.4 billion yuan, with a net profit of 6.48 billion yuan, and a gross margin of 27.05% [4] - The automotive segment's revenue was 99 billion yuan in 2023, a 32% increase year-on-year, but below expectations due to accounting policy changes and lower customer sales [5] - The refrigeration segment generated 146 billion yuan in revenue, a 6% increase year-on-year, with a gross margin of 28.2% [6] Future Outlook - The automotive parts business is expected to grow by 30% in 2024, driven by increased production from leading domestic new energy vehicle customers [5] - The traditional refrigeration business is projected to grow by 0-10% in 2024, supported by a recovery in domestic appliance consumption and favorable policies [6] - The company forecasts net profits of 35.04 billion yuan, 42.21 billion yuan, and 50.40 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 24, 20, and 17 [7]