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Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative market performance increase of over 15% in the next 6 to 12 months [7][15]. Core Insights - The company is experiencing rapid overseas market expansion, with 2023 overseas revenue reaching 720 million yuan, a year-on-year increase of 47.51%, accounting for 26.85% of total revenue. The gross margin for overseas operations is 72.67%, significantly higher than the domestic market's 52.3% [2]. - The company has shown strong growth in its robotics and autonomous driving segments, with a 61.6% year-on-year revenue increase in 2023. The introduction of new models, such as the Xiaomi SU7, is expected to sustain high growth rates into 2024 [2]. - The company has made significant advancements in core technologies, including high-precision laser radar and GNSS algorithms, which enhance its competitive edge in the three-dimensional intelligent product market [3][17]. - The company’s revenue and net profit have shown steady growth, with 2023 revenue at 2.678 billion yuan, a 19.77% increase year-on-year, and net profit at 449 million yuan, up 24.32% year-on-year. The compound annual growth rate (CAGR) for revenue and net profit from 2015 to 2023 is 28.4% and 30.7%, respectively [12][22]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 2.678 billion yuan and a net profit of 449 million yuan, with expected growth rates of 20.53% and 30.35% for Q1 2024, respectively [12][22]. - The gross margin improved to 57.8% in 2023, reflecting effective cost control strategies [12]. Market Expansion - The company is actively expanding into overseas markets, with a focus on low-altitude economy applications, including drones and laser radar products, which are essential for smart city infrastructure and emergency monitoring [2][3]. - The company has established a drone flight academy, training over 10,000 qualified pilots, which supports its growth in the low-altitude economy sector [2]. Technological Advancements - The company has developed a comprehensive technology platform for high-precision positioning, including GNSS algorithms and three-dimensional modeling capabilities, which are crucial for various applications such as autonomous driving and surveying [17]. - The company is investing in R&D to strengthen its core technology barriers, focusing on high-precision GNSS chips and other essential components [17]. Future Projections - The company is projected to achieve net profits of 576 million yuan in 2024, 763 million yuan in 2025, and 941 million yuan in 2026, with corresponding EPS of 1.06 yuan, 1.40 yuan, and 1.73 yuan [22].