2023年年报业绩点评：营收延续高增，高投入奠定远期发展

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's revenue for 2023 showed a significant increase of 25.85% year-on-year, with the controller business segment achieving a revenue of 7.22 billion yuan, up 26.94% year-on-year. However, the net profit attributable to shareholders decreased by 21.15% to 294 million yuan due to increased share-based payment expenses and accelerated amortization of intangible assets [7][8]. - The company is expected to continue its revenue growth across all segments in 2024, driven by advancements in automotive electronics, smart products, and energy storage businesses [8]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 7.507 billion yuan, a 25.85% increase year-on-year. The net profit attributable to shareholders was 331 million yuan, down 24.27% year-on-year. The fourth quarter revenue was 2.020 billion yuan, reflecting a 6.94% quarter-on-quarter increase and a 30.77% year-on-year increase [23][24]. - The company’s gross profit margin slightly declined due to changes in product structure, while the controller business segment's gross margin improved by 0.22% through R&D and process optimization [7]. Business Segments - The home appliance segment generated 4.579 billion yuan in revenue, up 24.67% year-on-year, with a gross margin increase of 2.21%. The automotive electronics segment saw a remarkable growth of 82.52%, reaching 552 million yuan in revenue, marking a significant breakthrough in entering the supply chain of a well-known overseas automaker [24]. - The smart products segment achieved 966 million yuan in revenue, a 31.59% increase year-on-year, while the energy storage segment faced a slight revenue shortfall due to market conditions [24]. Profit Forecast and Investment Suggestions - The forecast for net profit attributable to shareholders for 2024-2026 is 565 million yuan, 759 million yuan, and 967 million yuan, representing year-on-year growth rates of 70%, 34%, and 27%, respectively. The corresponding PE ratios are projected to be 19, 14, and 11 times [8].