Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its future performance [5]. Core Viewpoints - The company has demonstrated steady year-on-year growth in performance, with total revenue reaching 10.248 billion yuan in 2023, a 24.25% increase compared to the previous year. The net profit attributable to shareholders was 1.102 billion yuan, reflecting a 17.07% growth [1][2]. - The company is actively optimizing its customer and product structure while simultaneously advancing new technology research and expanding into new markets [2][3]. - The company is positioned as a leader in the domestic automotive lighting industry, with expectations for revenue growth driven by the increasing value per vehicle and successful expansion into new energy vehicle clients [3][4]. Summary by Relevant Sections Financial Performance - In 2023, the company achieved total revenue of 10.248 billion yuan, with a year-on-year growth of 24.25%. The net profit attributable to shareholders was 1.102 billion yuan, up 17.07% year-on-year. The net profit excluding non-recurring items was 1.045 billion yuan, marking a 28.14% increase [1][2]. - The gross margin for 2023 was 21.18%, a decrease of 1.38 percentage points year-on-year, while the net profit margin was 10.75%, down 0.66 percentage points year-on-year [2][3]. Customer and Product Structure - The company has expanded its product types and improved both quantity and quality. It has developed advanced lighting systems that are now being used in flagship models such as the AITO Wenjie M9 [2][3]. - The client base is diversifying, with traditional clients showing stable growth and new energy vehicle clients experiencing significant increases in production. For instance, production from new energy clients like Li Auto and XPeng saw quarter-on-quarter growth of 32.07% and 43.16%, respectively [3][4]. Global Expansion - The company is expanding its global footprint by establishing subsidiaries in Serbia, Mexico, and the United States, which will support its international market development [3][4]. - The Serbian subsidiary is expected to benefit from favorable tax conditions, providing a solid foundation for future growth [3][4]. Earnings Forecast - The company is projected to achieve revenues of 12.516 billion yuan, 15.500 billion yuan, and 19.065 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 22%, 24%, and 23% [4][5]. - The net profit attributable to shareholders is expected to reach 1.415 billion yuan, 1.788 billion yuan, and 2.199 billion yuan for the same years, with growth rates of 28%, 26%, and 23% [4][5].

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨星宇股份（ ） 601799.SH [星Ta宇b股le_份Ti2tl0e2] 3 年年报点评：业绩稳健，随新项 目放量及全球配套突破，成长与盈利表现可期 报告要点 [公Ta司ble2_0S2u3mQ4m营ary收] 30.1亿元，同比+31.9%，环比+7.1%，归母净利润3.2亿元，同比+71.0%， 环比+1.8%。业绩稳健，但模具费回款确认延迟扰动毛利率表现，车灯主业受益于客户结构转 型及产品升级稳步向好，现金流状态大幅改善。展望未来，国内下游优质客户新项目丰富，北 美子公司成立，进一步进军全球配套体系，成长性与盈利表现可期。 ...

证券研究报告 | 2024年04月01日 星宇股份（601799.SH） 买入 车灯产品均价提升，全球化布局推进 核心观点 公司研究·财报点评 单四季度归母净利润3.2亿元，同比增长71%。公司2023年实现营收102.48 汽车·汽车零部件 亿元，同比增加24.25%，归母净利润11.02亿元，同比增加17.07%。 证券分析师：唐旭霞 证券分析师：杨钐 2023Q4实现营收30.12亿，同比增加31.87%，环比增加7.10%，归母净 0755-81981814 0755-81982771 tangxx@guosen.com.cn yangshan@guosen.com.cn 利润3.21亿，同比增加70.97%，环比增加1.77%。2023Q4，存量客户 S0980519080002 S0980523110001 销量增长，叠加新势力增量车型放量，公司营收增速超越汽车行业9pct 基础数据 （汽车产量同比+20.0%）。 投资评级 买入(维持) 合理估值 2023Q4，公司净利率同比提升。2023 年，公司毛利率为 21.18%，同比 收盘价 142.00元 总市值/流通市值 40566/40566百万 ...

[Table_StockInfo] 买入 2024年 03月 27日 （维持） 证券研究报告•2023年报点评 当前价： 139.81元 星宇股份（601799） 汽车 目标价： ——元（6个月） 新项目放量，ASP 大幅提升 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a发ry布] 2023年报，实现营收102.48亿元，同比+24.3%；归母净利润 [分Ta析bl师e_：Au郑th连or声] 11.02亿元，同比+17.1%，毛利率 21.2%，同比-1.4pp，净利率 10.8%，同比 执业证号：S1250522040001 -0.6pp。其中23Q4营收 30.1亿元，同比+31.9%，环比+7.1%；归母净利润3.21 电话：010-57758531 亿元，同比+71%，环比+1.8%；毛利率 20.5%，同比-0.8pp，环比-0.6pp；净 邮箱：zlans@swsc.com.cn 利率 10.6%，同比+2.4pp，环比-0.6pp；净利润同比增长显著主要由于22年同 联系人：冯安琪 期费用计提导致基数较低。 电话：021-58351905 邮箱：faz@swsc.co ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 142.56 CNY, based on a projected 2024 PE of 27 times [2][6]. Core Insights - The company's performance met expectations with a 2023 revenue of 10.248 billion CNY, a year-on-year increase of 24.3%, and a net profit attributable to shareholders of 1.102 billion CNY, up 17.1% year-on-year [1][5]. - The gross margin faced slight pressure, decreasing to 21.2% for the year, while the expense ratio improved, with a total expense ratio of 9.5%, down 1.1 percentage points year-on-year [1][5]. - The company successfully expanded its customer base in the new energy sector, taking on 58 new vehicle development projects and achieving mass production for 50 models [1][5]. - Global expansion is accelerating, with the successful production launch in Serbia and the establishment of new entities in Mexico and the USA to enhance overseas capacity [1][5]. Financial Summary - The company reported a net cash flow from operating activities of 697 million CNY in 2023, a decline of 50.5% year-on-year, primarily due to reduced cash receipts from sales and increased payments for procurement and employee compensation [1][5]. - The projected earnings per share (EPS) for 2024-2026 are 5.28 CNY, 6.52 CNY, and 7.79 CNY respectively, indicating a positive growth trajectory [1][5]. - The company’s revenue is expected to grow to 12.409 billion CNY in 2024, with a year-on-year growth rate of 21.1% [5][6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its future performance [5]. Core Insights - The company achieved a total revenue of 10.248 billion yuan in 2023, representing a year-on-year growth of 24.25%. The net profit attributable to shareholders was 1.102 billion yuan, up 17.07% year-on-year, while the net profit excluding non-recurring items reached 1.045 billion yuan, growing by 28.14% [1][2]. - The company is focusing on optimizing its customer and product structure while advancing digital transformation and new technology research [2][3]. - The company is expanding its product types and improving both quantity and quality, with new technologies being developed, including DLP intelligent headlights and Micro LED technology [3]. Financial Performance - In Q4 2023, the company reported a net profit of 321 million yuan, a significant increase of 70.97% year-on-year, and a 1.77% increase quarter-on-quarter. The net profit excluding non-recurring items for the same quarter was 376 million yuan, up 175.33% year-on-year [2]. - The gross profit margin for 2023 was 21.18%, a decrease of 1.38 percentage points year-on-year, while the net profit margin was 10.75%, down 0.66 percentage points [2]. - The company is expected to achieve revenues of 12.516 billion yuan, 15.500 billion yuan, and 19.065 billion yuan for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 22%, 24%, and 23% [4][5]. Market Position and Strategy - The company is a leading domestic automotive lighting enterprise, with a stable traditional customer base and increasing contributions from new energy vehicle clients [3][4]. - The company is actively expanding its overseas market presence, establishing subsidiaries in Serbia, Mexico, and the United States to support its global projects [3][4]. - The report highlights the company's ongoing projects in advanced driver assistance systems (ADAS) and the development of new lighting technologies, which are expected to enhance the value per vehicle [3][4].

证券研究报告·公司点评报告·汽车零部件 星宇股份（601799） 2023 年年报点评：2023Q4 业绩符合预期，看 2024 年 03月 30日 好公司长期成长 证券分析师 黄细里 买入（维持） 执业证书：S0600520010001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E huangxl@dwzq.com.cn 证券分析师 刘力宇 营业总收入（百万元） 8,248 10,248 12,859 15,823 18,640 执业证书：S0600522050001 同比 4.28% 24.25% 25.47% 23.06% 17.80% liuly@dwzq.com.cn 归母净利润（百万元） 941.42 1,102.13 1,502.23 1,902.67 2,288.28 同比 -0.85% 17.07% 36.30% 26.66% 20.27% 股价走势 EPS-最新摊薄（元/股） 3.30 3.86 5.26 6.66 8.01 星宇股份 沪深300 P/E（现价&最新摊薄） 42.50 36.30 26 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 179.44 CNY, based on a 35x PE for 2024 [6][8]. Core Views - The company achieved rapid revenue growth in 2023, with total revenue reaching 10.25 billion CNY, a year-on-year increase of 24.3%, and a net profit of 1.1 billion CNY, up 17.1% year-on-year [2][6]. - The customer structure is improving, with a significant increase in production from new energy vehicle manufacturers, which is expected to enhance the company's profitability [5][6]. - The company is focusing on product upgrades, including the mass production of DLP smart headlights and plans for Micro LED technology, which are anticipated to drive higher-value product sales [5][6]. Financial Performance Summary - In Q4 2023, the company reported revenue of 3.01 billion CNY, a year-on-year increase of 31.9%, and a net profit of 320 million CNY, up 71.0% year-on-year [2][4]. - The gross margin for 2023 was 21.2%, a decrease of 1.4 percentage points year-on-year, while the net margin was 10.8%, down 0.7 percentage points year-on-year [4]. - The company expects revenue growth of 26.01%, 24.99%, and 13.29% for 2024, 2025, and 2026, respectively, with net profit growth of 32.89%, 30.47%, and 14.60% for the same years [6][10]. Customer and Product Insights - Major customers such as FAW-Volkswagen and FAW-Toyota saw production declines in 2023, while new energy vehicle manufacturers like Li Auto and NIO experienced significant production increases, contributing to the company's revenue growth [3][5]. - The company is enhancing its product competitiveness through increased R&D investment and the introduction of advanced technologies, which is expected to improve profitability [5][6]. Valuation Metrics - The report forecasts the company's earnings per share (EPS) to be 5.13 CNY, 6.69 CNY, and 7.67 CNY for 2024, 2025, and 2026, respectively [6][10]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 36.6 in 2023 to 27.6 in 2024, indicating a favorable valuation trend [6][10].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 15% or more relative to the industry index within the next six months [14]. Core Views - The company achieved a revenue of 10.248 billion yuan in 2023, representing a year-on-year growth of 24.3%. The net profit attributable to shareholders was 1.102 billion yuan, up 17.1% year-on-year [1][2]. - The company is expected to continue benefiting from new customer acquisitions and project launches, with projected revenues of 13.858 billion yuan, 17.216 billion yuan, and 21.094 billion yuan for 2024, 2025, and 2026 respectively [7]. Financial Performance - Revenue and Profitability: The company reported a revenue of 10.248 billion yuan in 2023, with a quarterly revenue of 3.012 billion yuan in Q4 2023, showing a year-on-year increase of 31.9% [1][2]. The gross margin for 2023 was 21.2%, a decrease of 1.4 percentage points year-on-year [3]. - New Projects: In 2023, the company launched 50 new vehicle models, significantly increasing production compared to 23 in 2022. Key clients such as FAW-Volkswagen and Chery saw sales growth of 3% and 53% respectively [2]. - Future Projections: The company anticipates a net profit of 1.556 billion yuan in 2024, with a projected growth rate of 41.2% year-on-year [9]. Strategic Initiatives - New Energy Projects: The company has a robust pipeline of new energy projects, with 58 new vehicle development projects undertaken in 2023. Upcoming projects include models from Li Auto and Zeekr [3]. - Global Expansion: The company is expanding its global footprint with new production capacities in Serbia, Mexico, and the United States, enhancing its global supply capabilities [7].

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 29 日 星 宇股份(601799.SH) 2 023 年业绩优异，高端化、全球化驱动长期成长 证券研究报告 汽车零部件Ⅲ 事件：3月 28日，公司发布 2023年年报，实现营收102.48 亿元，同比 投资评级 买入-A +24.3%，实现扣非归母净利润10.45 亿元，同比+28.1%。 维持评级 自主客户项目逐步量产，公司营收高速增长： 6 个月目标价 167 元 公司 23年实现收入102.48 亿元，同比+24.3%，我们认为：1）核心客户奇 股价 (2024-03-28) 141.38元 瑞贡献较多增量，奇瑞23 年实现销量178万辆，同比+55%；2）理想、蔚 来、吉利等新客户的陆续量产，公司 23 年实现了50 款车型的批产（22年 交易数据 为 23 款），这些项目以高价值量ADB、DLP车灯为主，公司23 年车灯平均 总市值(百万元) 40,389.36 售价为 162.1 元，同比+25.4%；3）塞尔维亚工厂海外项目的批产，2023年 流通市值(百万元) 40,389.36 833365999 实营 ...