星宇股份：公司动态研究：毛利率和净利率的复盘和展望

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to benefit from a threefold growth cycle driven by industry trends, customer structure optimization, and internal business development [25][26] - The automotive lighting industry is transitioning towards intelligent lighting solutions, which will expand product categories and increase average selling prices (ASP) [25] - The company has successfully penetrated into leading domestic and new energy vehicle manufacturers, which is anticipated to drive revenue growth [25][26] Summary by Sections 1. Analysis of Core Factors Affecting Profitability - Profitability is influenced by gross margin, expense ratio, customer structure, product structure, raw material costs, annual depreciation, and scale effects [11][12] - The company has transitioned its customer base from low-end domestic to high-end joint ventures and foreign clients, enhancing its product structure towards higher-end lighting solutions [12][16] 2. Review and Outlook of Profitability - The company's profitability has experienced three phases: declining from 2013-2016, improving from 2016-2020, and declining again from 2020-2023 [16][17] - The gross margin is projected to recover from 21.18% in 2023 to 22.50% by 2026, driven by a shift towards higher-end products and improved customer structure [22][26] 3. Earnings Forecast and Rating - The company is expected to achieve revenues of 129 billion, 159 billion, and 192 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 26%, 23%, and 21% [26] - The net profit is forecasted to reach 15.2 billion, 19.2 billion, and 24.1 billion yuan for the same years, with growth rates of 38%, 26%, and 25% [26] - The report maintains a "Buy" rating based on the company's strong market position and growth potential [26]