年报点评：拓品类及全球化布局将促进盈利快速增长

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 55.44 CNY [2][4]. Core Insights - The company's performance in 2023 met expectations, with revenue reaching 10.572 billion CNY, a year-on-year increase of 52.2%, and net profit attributable to shareholders at 806 million CNY, up 71.2% [1]. - The fourth quarter showed significant growth, with revenue of 3.253 billion CNY, a 46.2% year-on-year increase, and net profit of 245 million CNY, up 56.6% [1]. - The company plans to distribute a dividend of 0.3 CNY per share for 2023 [1]. - The gross margin improved slightly to 20.0% for the year, with a notable increase in the fourth quarter to 20.8% [1]. - The company is expanding its product categories and international presence, particularly in the exterior parts business, which has seen substantial growth [1]. - New production bases are being established in the U.S. and Europe to accelerate internationalization efforts [1]. Financial Summary - Revenue for 2023 was 10,572 million CNY, with a year-on-year growth of 52.2% [3]. - The net profit attributable to shareholders for 2023 was 806 million CNY, reflecting a 71.2% increase [3]. - The company forecasts earnings per share (EPS) of 2.31 CNY, 3.06 CNY, and 3.96 CNY for 2024, 2025, and 2026 respectively [2]. - The gross margin is projected to improve gradually, reaching 21.0% by 2026 [3]. - The company’s net asset return rate is expected to rise to 26.1% by 2026 [3].