去库存及基地搬迁影响盈利，积极开拓高附加值产品

Investment Rating - The report maintains an "Overweight-A" rating for the company with a 6-month target price of 64 CNY [2] - The current stock price as of April 30, 2024, is 56.31 CNY, indicating a potential upside of approximately 13.7% [2] Core Views - The company's 2023 revenue was 2.543 billion CNY, a year-on-year decrease of 14.09%, while net profit attributable to shareholders was 140 million CNY, down 43.20% year-on-year [1] - In Q1 2024, revenue was 608 million CNY, a year-on-year decrease of 6.34%, and net profit attributable to shareholders was 6 million CNY, down 80.03% year-on-year [1] - The company is actively developing high-value-added products, including brushless motors and precision linear transmission systems, to optimize its product structure and reduce production costs [1] Financial Performance - The company's gross margin in 2023 was 37.2%, a decrease of 1 percentage point year-on-year [1] - Operating cash flow improved significantly, with a year-on-year increase of 2297.25% to 203 million CNY in 2023 and a 49.41% increase to 24 million CNY in Q1 2024 [1] - The company's revenue in the photovoltaic/lithium battery/semiconductor sector increased by approximately 22% year-on-year in 2023, while revenue in the smart car/autonomous driving/lidar sector increased by about 35% [1] Valuation and Forecast - The company's market capitalization is 23.654 billion CNY, with a circulating market capitalization of 23.587 billion CNY [3] - The report forecasts net profit attributable to shareholders for 2024-2026 to be 192 million CNY, 281 million CNY, and 369 million CNY, representing year-on-year growth rates of 36.5%, 46.3%, and 31.6%, respectively [2] - The PE ratio for 2024-2026 is projected to be 123x, 84x, and 64x, respectively [2] Business Development - The company's core business focuses on control motors and drives, with significant growth in high-value-added products such as hollow cup motors [1] - The company is expanding into emerging application areas, including medical and robotics, where its hollow cup motor products are expected to play a crucial role in the long term [1]