跟踪报告之一：专注于控制器行业，成长空间广阔

Investment Rating - The report maintains a "Hold" rating for the company, indicating a projected investment return of 5% to 15% over the next 6-12 months [7][18]. Core Insights - The automotive electronics business is expected to continue its high growth trajectory, driven by the ongoing electrification, connectivity, intelligence, and sharing trends in the automotive industry. The company is leveraging its technological, operational, supply chain, and strategic advantages to expand in the automotive electronics smart controller sector [2]. - The global smart controller market is projected to reach approximately $2 trillion by 2024, with the domestic market expected to reach 3.8 trillion yuan, indicating significant growth potential for the industry [16]. - The company has seen a steady increase in customer orders and project acquisitions, positioning itself for rapid growth in the automotive electronics segment as new projects come online [2][17]. Financial Performance and Forecast - Revenue is projected to grow from 7,535 million yuan in 2023 to 12,078 million yuan by 2025, with a compound annual growth rate (CAGR) of approximately 26% [3]. - Net profit is expected to increase from 500 million yuan in 2023 to 965 million yuan in 2025, reflecting a strong growth outlook [3]. - The company's earnings per share (EPS) is forecasted to rise from 0.54 yuan in 2023 to 1.04 yuan in 2025 [3]. Market Data - The total market capitalization of the company is approximately 113.14 billion yuan, with a total share count of 9.32 billion shares [4]. - The stock has experienced a trading range between 8.84 yuan and 18.68 yuan over the past year, with a turnover rate of 87.23% in the last three months [4]. Competitive Position - The company is recognized as a leading player in the high-end smart controller market, partnering with renowned global brands such as Electrolux, Whirlpool, and Philips. Its focus on high-end technology, products, and markets has solidified its competitive advantage [8].