主业稳定增长，业务拓展与海外布局持续推进

Investment Rating - The investment rating for the company is "Buy" [11][41]. Core Views - The company has shown stable growth in its main business, with a 22% year-on-year increase in net profit for 2023, driven by the steady expansion of its core product, low-voltage lead-acid batteries [6][41]. - The company is focusing on channel upgrades and business expansion, particularly in the low-voltage lithium battery sector, which has opened up significant growth opportunities [41]. Financial Performance - In 2023, the company reported revenue of 14.08 billion yuan, a year-on-year increase of 5%, and a net profit attributable to shareholders of 570 million yuan, up 22% year-on-year [6][41]. - The operating cash flow for 2023 was 690 million yuan, reflecting a substantial increase of 181% year-on-year [6][41]. - The gross profit margin for 2023 was 15.1%, an increase of 0.8 percentage points year-on-year, with the lead-acid battery margin at 20.3% [36][41]. Sales and Market Position - The company sold 34.6 million KVAH of low-voltage lead-acid batteries in 2023, representing a 7.5% increase year-on-year, with sales of auxiliary batteries for new energy vehicles rising by 45% [6][41]. - The domestic market for supporting products saw a 2.1% increase in sales, while the replacement market grew by 11.7%, indicating a steady increase in market share [6][41]. Cost Management and Profitability - The company maintained stable expense control, with sales, management, R&D, and financial expense ratios at 5.0%, 2.9%, 1.9%, and 0.3%, respectively, with slight year-on-year increases [8][36]. - The net profit margin for 2023 was 4.1%, up 0.6 percentage points year-on-year, indicating improved profitability [36][41]. Future Outlook - The company is expected to maintain its growth trajectory, with projected net profits of 802 million yuan, 1.039 billion yuan, and 1.219 billion yuan for 2024, 2025, and 2026, respectively [41]. - The company is actively expanding its lithium battery business and has secured 35 new project designations in the low-voltage lithium battery sector, with a year-on-year sales increase of 27.9% [40][41].