蓝黛科技：23年业绩承压，触控及传动业务协同增长

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 5.59 yuan [16][3] Core Views - The company's 2023 performance was under pressure, with revenue of 2.808 billion yuan, a year-on-year decrease of 2.29%, and a net profit attributable to the parent company of -365 million yuan, a year-on-year decrease of 296.73% [1] - The touch control industry is currently at a cyclical low, leading to temporary pressure on profitability, while the automotive parts business is benefiting from the growth of new energy vehicles [2] - The company's electronic components business, primarily touch display, faced challenges due to insufficient market demand and increased competition, resulting in a significant decline in revenue and gross margin [13] - The automotive parts business, including power transmission systems and components, saw growth in 2023, with new production lines and partnerships with major new energy vehicle manufacturers [15] Financial Performance - In 2023, the company's gross margin was 11.99%, a year-on-year decrease of 5.68 percentage points, and the net margin was -13.22%, a year-on-year decrease of 20.04 percentage points [1] - The electronic components business contributed 1.25 billion yuan in revenue, a year-on-year decrease of 24.25%, with a gross margin of 10.41%, down 8.83 percentage points [1] - The automotive parts business contributed 1.31 billion yuan in revenue, a year-on-year increase of 28.45%, with a gross margin of 11.8%, down 0.92 percentage points [1] - In Q4 2023, the company's revenue was 730 million yuan, a year-on-year decrease of 9.11%, and the net profit attributable to the parent company was -427 million yuan [1] Future Projections - The report forecasts revenue growth of 20% in 2024, 18% in 2025, and 20% in 2026, with net profit attributable to the parent company expected to be 147 million yuan, 216 million yuan, and 292 million yuan, respectively [4] - The company's PE ratio is projected to be 25x in 2024, 17x in 2025, and 13x in 2026 [4] - The company's gross margin is expected to recover to 16% in 2024 and 16.5% in 2025 and 2026 [18] Business Segments - The electronic components business is expected to improve as the touch control industry recovers and new production capacity is gradually released [13] - The automotive parts business is expected to continue growing, supported by new production lines and partnerships with major new energy vehicle manufacturers [15] Financial Ratios - The company's ROE is projected to be 5.84% in 2024, 7.89% in 2025, and 9.62% in 2026 [18] - The company's net debt ratio is expected to improve, reaching -7.53% in 2024, -17.56% in 2025, and -27.47% in 2026 [19]