业绩符合预期，海外业务占比持续提升

Investment Rating - The report maintains an "Overweight" rating for the company [5] Core Views - The company reported a revenue of 11.41 billion yuan in 2023, representing a year-on-year growth of 23.52%, and a net profit attributable to shareholders of 1.974 billion yuan, up 19.21% year-on-year [3][4] - The company's overseas business revenue reached 1.678 billion yuan in 2023, a significant increase of 55.69% year-on-year, accounting for 14.70% of total revenue, which is an increase of 2.96 percentage points year-on-year [4] - The company is expected to see continued growth in earnings per share (EPS), with projections of 2.90 yuan, 3.53 yuan, and 4.34 yuan for 2024, 2025, and 2026 respectively, corresponding to price-to-earnings (P/E) ratios of 46.5, 38.1, and 31.0 based on the closing price on May 7, 2024 [5] Financial Performance Summary - In 2023, the company achieved a gross margin of 48.48%, a slight increase of 0.11 percentage points year-on-year, driven by the rising proportion of high-end products [4] - The company's operating cash flow for 2023 was 133 million yuan, a decrease of 80.59% year-on-year [3] - The company’s revenue from MR products grew by 58.50% year-on-year, while XR products saw a growth of 32.83% [4] - The company’s total assets were reported at 25.35 billion yuan, with net assets of 19.23 billion yuan as of the latest report [2]