Beijing Jingwei Hirain Technologies (SH:688326) KAIYUAN SECURITIES·2024-05-24 07:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][20]. Core Insights - The company achieved a revenue growth of 16.30% year-on-year in 2023, indicating stable revenue growth [3]. - The company is focusing on both domestic and overseas markets, aiming for comprehensive coverage of vehicle electronic control products [4]. - In Q1 2024, the gross margin improved to 24.68%, showing a quarter-on-quarter increase [5][22]. - The company reported a net profit attributable to shareholders of -2.17 billion yuan for 2023, with a forecasted recovery in net profit for 2024-2026 [20]. Financial Performance Summary - In Q1 2024, the company generated revenue of 889 million yuan, a year-on-year increase of 20.35% [22]. - The gross margin for Q1 2024 was 24.68%, with a quarter-on-quarter improvement of 2.10 percentage points [22]. - The company’s management, sales, and R&D expense ratios were 9.83%, 8.80%, and 32.66%, respectively, with R&D expenses increasing significantly [22]. - The forecast for net profit attributable to shareholders for 2024-2026 is 0.09 billion, 1.85 billion, and 4.07 billion yuan, respectively [20][23]. Market Position and Strategy - The company is actively expanding its presence in the international market, securing contracts with major OEMs such as Stellantis and Scania [21]. - The company has developed a distributed domain control product based on the DLP solution, which has been adopted by clients like Geely and SAIC Maxus [21]. - The company’s self-developed 4D millimeter-wave radar is being utilized in high-level intelligent driving solutions, indicating a strong focus on innovation and technology [21].