Q4营收新高&盈利强劲，加码扩产强化量价齐升

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Views - The company achieved record high revenue and strong profitability in Q4, with a revenue of 93.4 billion yuan, representing a year-on-year growth of 21.9% [3][4]. - The growth in revenue is attributed to the increasing proportion of high-value-added products, which has improved the average selling price (ASP) [4]. - The company is expanding its production capacity significantly, with planned investments of 32.5 billion yuan and 57.5 billion yuan for new production lines, which will enhance its market share [4]. - The aluminum trim business is expected to enter a growth phase, driven by new orders and production ramp-up [4]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 33.16 billion yuan, up 18% year-on-year, and a net profit of 5.63 billion yuan, also up 18.4% year-on-year [3][4]. - The Q4 2023 net profit reached 1.5 billion yuan, a significant increase of 75.9% year-on-year [3]. Revenue and Profitability - The gross margin for Q4 2023 was 36.54%, an increase of 3.69 percentage points year-on-year, driven by improved production efficiency and cost reduction [4]. - The ASP for high-value products has increased, with the proportion of such products rising by 9.54 percentage points year-on-year [4]. Production Capacity and Expansion - The company plans to invest approximately 81.2 billion yuan in capital expenditures in 2024, the highest in five years, to expand its production capacity [4]. - The total new production capacity will add 46.6 million square meters of automotive glass, representing 32.5% of the company's production scale in 2023 [4]. Future Profitability Forecast - The forecast for net profit for 2024 and 2025 has been raised to 6.29 billion yuan and 7.21 billion yuan, respectively, with a new estimate for 2026 at 8.52 billion yuan [4].