业绩成长性凸显，长期受益于低空+自动驾驶

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 29.97 CNY, indicating a potential upside in the stock price [13][14]. Core Insights - The company reported a revenue of 2.678 billion CNY in 2023, reflecting a year-on-year growth of 19.77%. The net profit attributable to shareholders was 449 million CNY, up 24.32% year-on-year, with a non-GAAP net profit of 372 million CNY, increasing by 31.05% [1][2]. - The company has demonstrated strong growth potential, with a compound annual growth rate (CAGR) of 22.98% in revenue and 33.70% in net profit from 2018 to 2023 [2]. - The net profit margin for 2023 was 16.77%, an increase of 0.62 percentage points compared to the previous year [2]. Revenue Breakdown - The revenue from the Resources and Public Utilities segment was 1.127 billion CNY, growing by 41.29%, driven by rapid growth in agricultural machinery automation [2]. - The Construction and Infrastructure segment generated 966 million CNY, with a growth of 5.29%, focusing on promoting construction automation products in international markets [2]. - The Geospatial Information segment reported 425 million CNY in revenue, a slight increase of 0.73%, leveraging high-precision GNSS and INS technologies [2]. - The Robotics and Autonomous Driving segment achieved 160 million CNY, marking a significant growth of 61.64%, with the company becoming a designated supplier for several automotive manufacturers [2]. Cost Management and R&D - The company is actively implementing comprehensive cost-reduction strategies through procurement and R&D, maintaining a long-term commitment to R&D investment [3]. - The gross profit margin for 2023 was 57.77%, an increase of 1.13 percentage points year-on-year, with a reduction in the expense ratio by 1.27 percentage points [11]. Future Outlook - The company is expected to benefit from the low-altitude economy and autonomous driving sectors, with a forecasted net profit of 563 million CNY in 2024, 669 million CNY in 2025, and 785 million CNY in 2026 [13][27]. - The report highlights the company's strong positioning in the autonomous driving market, having established partnerships with multiple automotive manufacturers [4].