HASCO(600741) 东方证券·2024-03-30 16:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 25.30 CNY per share [3][6]. Core Insights - The company's performance in 2023 met expectations, with total revenue of 168.59 billion CNY, a year-on-year increase of 6.5%, and a net profit attributable to shareholders of 7.21 billion CNY, up 0.2% year-on-year [2][5]. - The company is optimizing its customer structure, with an increasing focus on the new energy vehicle (NEV) business, which accounted for over 65% of new orders in 2023 [2][6]. - The gross margin for the fourth quarter improved sequentially, reaching 14.5%, while the annual gross margin was 13.3%, a decrease of 0.9 percentage points year-on-year [2][5]. - The company is accelerating the scale application of intelligent and electric products, enhancing its core competitiveness and opening new growth spaces [2][6]. Financial Performance Summary - In 2023, the company reported a net cash flow from operating activities of 11.32 billion CNY, an increase of 13.3% year-on-year [2][5]. - The forecasted earnings per share (EPS) for 2024-2026 are 2.30 CNY, 2.42 CNY, and 2.55 CNY respectively, with an average PE ratio of 11 times for comparable companies in 2024 [2][5]. - The company’s total revenue is projected to grow to 179.46 billion CNY in 2024, with a year-on-year growth rate of 6.4% [5][6].