Investment Rating - The report maintains a "Buy" investment rating for the company, indicating a positive outlook for future performance [20][40]. Core Insights - The company is expected to see significant revenue growth driven by the increasing demand for electric vehicle components, with projected revenues of 385 million, 513 million, and 659 million yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 39.7%, 33.2%, and 28.4% [5][20]. - The net profit attributable to shareholders is forecasted to grow to 71 million, 94 million, and 117 million yuan over the same period, with growth rates of 38.3%, 32.1%, and 24.8% [5][20]. - The company is actively expanding its production capacity for high-voltage connectors and shielding covers, which is expected to enhance its market share in the electric vehicle sector [4][20]. Financial Projections - The company's revenue for 2023 is projected at 276 million yuan, with a year-on-year growth of 18.8% [5]. - The diluted earnings per share (EPS) are expected to increase from 0.53 yuan in 2023 to 1.21 yuan by 2026, indicating a strong upward trend in profitability [5][20]. - The report highlights a significant improvement in gross margin, which is expected to reach 32.4% in the first quarter of 2024, up 1.3 percentage points from the previous quarter [34]. Market Position and Strategy - The company is focusing on deepening its presence in the new energy vehicle sector and enhancing its technological research and development capabilities [34]. - The strategic expansion includes a public offering that raised 110 million yuan to fund the expansion of production lines for high-voltage components, which is anticipated to alleviate current capacity constraints [34]. Key Financial Metrics - The report outlines key financial metrics, including a projected return on equity (ROE) of 18.2% by 2026, indicating strong profitability [36]. - The company's operating profit is expected to grow significantly, with operating income projected to reach 133 million yuan by 2026 [35]. Conclusion - Overall, the report presents a favorable outlook for the company, driven by robust growth in the electric vehicle components market, strategic capacity expansions, and strong financial performance indicators [20][34].
易实精密：公司动态研究报告：新能源零配件增长显著，技术研发持续投入