2023年收入业绩快速增长，国际化战略持续推进

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Insights - The company reported a rapid revenue growth in 2023, achieving an operating income of 10.57 billion yuan, a year-over-year increase of 52%, and a net profit attributable to shareholders of 810 million yuan, up 71% year-over-year [3] - The company is actively expanding its customer base, focusing on high-end foreign and joint venture brands, and has secured projects for new vehicle models [3] - The company is also diversifying its product offerings by expanding into new categories such as exterior parts, and is continuing its internationalization strategy with significant investments in Slovakia and the United States [3] Financial Performance - In Q4 2023, the company achieved an operating income of 3.25 billion yuan, a year-over-year increase of 46%, and a net profit of 240 million yuan, up 57% year-over-year [3] - The comprehensive gross margin for 2023 was 20.0%, an increase of 0.3 percentage points year-over-year, while the net profit margin was 7.6%, up 0.8 percentage points year-over-year [3] - The company expects net profits for 2024-2026 to be 1.131 billion, 1.454 billion, and 1.722 billion yuan, respectively, with corresponding P/E ratios of 18.89, 14.70, and 12.41 [3][5] Market Position and Strategy - The company is deepening its engagement with domestic brand passenger car clients and expanding into the electric vehicle market, partnering with notable brands such as Ideal, Geely, and BYD [3] - The report highlights the company's strong cost control and leading profitability in the industry, which positions it well for future growth [3] - The company is increasing its production capacity both domestically and internationally, aiming to enhance its global market share [3]