Q4业绩短期波动，新兴业务快速发展

Investment Rating - Buy (maintained) [2] Core Views - The company's overall profitability increased in 2023, with a short-term fluctuation in Q4: The company expects a year-on-year increase in net profit attributable to the parent company of +68.12% to +100.81% and a year-on-year increase in non-GAAP net profit attributable to the parent company of +235.68% to +319.60% for 2023 [2] - The Q4 net profit attributable to the parent company is expected to decline due to short-term fluctuations, influenced by the company's equity incentive plan and asset impairment during the reporting period [2] - In 2024, the company's emerging business projects are expected to gradually ramp up, driving further growth in profitability [2] - The company's emerging business has accumulated sufficient orders, which are expected to drive rapid growth in 2024 [2] Business Segments Sensor Business - The sensor business is committed to global expansion, continuously acquiring global sensor project opportunities [2] - Overseas production capacity for the sensor business has officially entered mass production, with a capacity of 5 million brake wear sensors and 7 million other types of sensors in Hungary, supporting mainstream European automakers [2] - The expansion of overseas production capacity further opens up the European automotive sensor market, with economies of scale expected to further increase the company's sensor gross margin [2] Air Suspension Business - The air suspension business has achieved mass production of air springs, air tanks, suspension controllers, and air spring shock absorbers [2] - The company has secured multiple air suspension and component projects in 2023, with key customers including Li Auto [2] - The air suspension business is expected to accelerate the penetration of air suspension systems as localization and cost reductions progress [2] ADAS Business - The ADAS business achieved breakthroughs in overseas markets, product mass production, and new project orders in 2023 [2] - The millimeter-wave radar was exported overseas, with mass production for VinFast's VF series models [2] - The company developed a new generation of AK2 ultrasonic radar sensor projects, which are expected to start mass production in the first half of 2024 [2] Strategic Partnerships - The company has deepened strategic cooperation with leading new energy vehicle manufacturers, including NIO and Li Auto, which is expected to drive new revenue growth in 2024 [12] Financial Projections - Revenue for 2023E, 2024E, and 2025E is projected to be 58.35 billion, 78.69 billion, and 100.41 billion yuan, respectively, with year-on-year growth rates of +22.1%, +34.9%, and +27.6% [12] - Net profit attributable to the parent company for 2023E, 2024E, and 2025E is projected to be 405 million, 544 million, and 733 million yuan, respectively, with year-on-year growth rates of +89.1%, +34.2%, and +34.8% [12] - The P/E ratios for 2023E, 2024E, and 2025E are projected to be 22.78x, 16.98x, and 12.59x, respectively [12] Financial Performance - The company's gross margin is expected to remain stable, with projections of 28.5%, 28.5%, and 28.8% for 2023E, 2024E, and 2025E, respectively [4] - ROE is expected to increase from 13.6% in 2023E to 17.2% in 2025E [4] - The company's total assets are projected to grow from 72.72 billion yuan in 2023E to 103.34 billion yuan in 2025E [6]