KEBODA(SH:603786) East Money Securities·2024-05-13 08:00Investment Rating - The investment rating for the company is "Buy" [5][6]. Core Insights - The company achieved record-high operating performance in 2023, with total revenue of 4.625 billion yuan, a year-on-year increase of 36.68%, and a net profit attributable to shareholders of 609 million yuan, up 35.26% year-on-year [2]. - The company is experiencing strong internal growth momentum, with significant contributions from new business areas such as domain control systems, which have accelerated revenue growth [2]. - The company has a robust pipeline of new projects, with 145 projects under development expected to generate over 250 million units in total lifecycle sales [2]. - The company is actively pursuing a globalization strategy, establishing its first overseas production base in Japan and expanding its market presence in Europe and North America [2]. Financial Performance Summary - In 2023, the company reported total revenue of 4.625 billion yuan, with a growth rate of 36.68% [7]. - The net profit attributable to shareholders for 2023 was 609 million yuan, reflecting a growth rate of 35.26% [7]. - The company forecasts revenue for 2024, 2025, and 2026 to be 6.419 billion yuan, 7.880 billion yuan, and 9.556 billion yuan, respectively, with year-on-year growth rates of 38.78%, 22.45%, and 21.58% [6][7]. - The projected net profit for the same years is 847 million yuan, 1.041 billion yuan, and 1.303 billion yuan, with corresponding growth rates of 39.03%, 22.91%, and 25.19% [6][7].