盈利能力回升，积极布局AIGC、XR等领域

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 41.33 CNY per share, while the current stock price is 28.76 CNY as of April 22, 2024 [5][24]. Core Insights - The company has established an upward trend in profitability, with significant revenue growth and a strong performance in its core business areas, particularly in AI visual algorithms and smart automotive technology [16][24]. - The company reported a total revenue of 670 million CNY in 2023, representing a year-on-year increase of 26.07%, and a net profit of 88.5 million CNY, up 53.03% year-on-year [16][24]. - The first quarter of 2024 showed a revenue of 184 million CNY, a 13.94% increase year-on-year, with a net profit of 34 million CNY, reflecting a 21.21% growth [16][24]. Financial Performance - In Q4 2023, the company achieved a revenue of 167 million CNY, marking an 18.85% year-on-year increase, and a net profit of 7 million CNY, which is a 52.50% increase [17]. - The smart phone visual business generated 581 million CNY in revenue, growing by 22.82% year-on-year, while the smart driving and IoT devices segment saw a revenue increase of 67.26% to 74 million CNY [17][20]. - The gross margin improved to 90.35% in 2023, up 1.86 percentage points from the previous year, and further increased to 91.84% in Q1 2024 [20]. Business Development - The company has successfully launched its smart automotive business, which is entering a phase of scale production, contributing to the recovery of profitability [19][24]. - The company has established partnerships with several automotive manufacturers, including Changan New Energy and Geely, for various pre-installed production projects [21]. - The company is actively expanding into emerging fields such as AIGC and XR technologies, with plans to launch new products and applications in 2024 [23][24]. Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 839 million CNY, 1.03 billion CNY, and 1.23 billion CNY respectively, with net profits expected to reach 162 million CNY, 241 million CNY, and 341 million CNY [24][25].