Investment Rating - The investment rating for the company is "Buy" with a target price of 46.5 HKD, representing a potential upside of 61.2% from the current price of 28.85 HKD [1][2]. Core Insights - The company achieved a record high in total revenue for 2023, with a year-on-year growth of 21.2% to 129.96 billion RMB, driven by strong performance across its three main business segments: consumer electronics, new intelligent products, and new energy vehicles [2][4]. - The gross profit margin improved significantly, rising by 5.92 percentage points to 8.03%, while net profit attributable to shareholders surged by 117.6% to 4.04 billion RMB [2][4]. - The new energy vehicle segment saw remarkable growth, with revenue increasing by 52.2% to 14.1 billion RMB, marking the first time this segment surpassed 10 billion RMB [2][4]. - The acquisition of Jabil's production business for 14.29 billion RMB is expected to enhance the company's leadership in the smartphone components industry and improve profit margins [2][4]. - The company is increasing its investment in R&D, with spending rising by 18.9% to 4.72 billion RMB, and has established a strategic partnership with NVIDIA to enhance its AI product offerings [2][4]. Financial Summary - Total revenue for 2022 was 107.19 billion RMB, with a projected increase to 168.80 billion RMB by 2024, reflecting a compound annual growth rate (CAGR) of 29.9% [1][4]. - The gross profit margin is expected to continue improving, reaching 9.2% by 2026 [1][4]. - Earnings per share (EPS) are projected to grow from 1.95 HKD in 2023 to 3.41 HKD by 2026, indicating a strong upward trend in profitability [1][4]. - The company’s total assets are forecasted to increase significantly, from 56.99 billion RMB in 2022 to 130.59 billion RMB by 2023 [4].
全年收入规模创新高，新业务并表值得期待