AOTO ELECTRONICS(002587) 东方财富证券·2024-05-07 10:00Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [8][21]. Core Views - The company's performance is under short-term pressure due to objective factors, but long-term prospects remain positive. The expansion into overseas markets, collaboration with China Film, and successful project bids are noteworthy [21]. - The company reported a revenue of 658 million yuan in 2023, a year-on-year decrease of 28.77%, and a net profit attributable to shareholders of 13.78 million yuan, down 34.40% year-on-year. For Q1 2024, revenue was 179 million yuan, up 5.22% year-on-year, but net profit dropped significantly by 80.58% [4][21]. - The company plans to distribute a cash dividend of 0.60 yuan per 10 shares, totaling 39.03 million yuan [4]. Financial Performance Summary - In 2023, the company achieved a gross margin of 36.44%, an increase of 0.22 percentage points, attributed to a higher proportion of high-margin overseas business [4]. - The company invested 80.99 million yuan in R&D, with an R&D expense ratio rising to 12.31%. It added 85 new patents and software copyrights during the reporting period [4]. - The company’s overseas revenue reached 316 million yuan, a year-on-year increase of 9.54%, accounting for 48.07% of total revenue [4]. Future Earnings Forecast - The company is expected to achieve revenues of 825 million yuan, 1 billion yuan, and 1.17 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 59.11 million yuan, 70.01 million yuan, and 89.49 million yuan [21][22].