Investment Rating - The report maintains a "Buy" investment rating for the company [3][7]. Core Insights - The rapid growth in the electric vehicle industry is driving the company's revenue growth, with a reported revenue of 210 million yuan in Q1 2024, representing a year-on-year increase of 32.1% [3][7]. - The company is expanding its overseas operations, establishing a subsidiary in the United States, which is expected to contribute significantly to long-term growth [3][6]. - The company has successfully positioned itself as a key supplier for major clients, particularly in the electric vehicle sector, which has led to a substantial increase in demand for its automotive plastic components [3][6]. Revenue and Profitability - In Q1 2024, the company achieved a net profit of 26 million yuan, reflecting a year-on-year growth of 33.1% [3]. - The gross margin and net margin for Q1 2024 were reported at 27.1% and 12.0%, respectively, showing slight declines compared to the previous year [3]. - The company forecasts revenues of 980 million yuan, 1.3 billion yuan, and 1.6 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.18 yuan, 1.58 yuan, and 1.98 yuan [7][9]. Market Performance - The company's stock price has increased by 32.1% recently, with a current price of 12.1 yuan [3]. - The total market capitalization is reported at 1.2 billion yuan, with a total share count of 100 million shares [3]. Future Outlook - The company is expected to benefit from the ongoing expansion in the electric vehicle market, with significant growth anticipated in its overseas business [6][7]. - The projected revenue growth rates for the next few years are 40.0% for 2024, 33.0% for 2025, and 25.0% for 2026 [9].
骏创科技：公司动态研究报告：2024Q1业绩高增，海外扩张奠定中长期成长空间