AIHUA GROUP(SH:603989)2024-08-09 06:31Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company focuses on the production and sales of aluminum electrolytic capacitors and aluminum foils, with applications in various sectors including new energy vehicles, photovoltaics, energy storage, wind power, industrial automation, smart robotics, 5G communications, AI data processing centers, power supply, lighting, and smart grids [5] - In Q1 2024, the company achieved a revenue of 0.81 billion yuan, a year-on-year increase of 15.27%, indicating a positive trend in its operations [5] - The company has established strong brand coverage in the new energy market, achieving 95% brand coverage, and has become the only domestic company to pass the vehicle-mounted ASA certification [5] - The company has adjusted its market strategy to enhance production capacity, with a production capacity of over 19 billion units of aluminum electrolytic capacitors as of 2023, and a year-on-year production increase of 19.60% [5] - The report projects a downward adjustment of the 2024 net profit forecast to 0.34 billion yuan, with new forecasts for 2025 and 2026 at 0.37 billion yuan and 0.42 billion yuan respectively, highlighting the company's valuation attractiveness with a current market value corresponding to a PE of only 15 times [5] Financial Data and Profit Forecast - The total revenue for 2023 is reported at 3.379 billion yuan, with a projected increase to 3.552 billion yuan in 2024, reflecting a growth rate of 5.1% [7] - The net profit attributable to the parent company for 2023 is 0.351 billion yuan, with a forecasted decrease to 0.339 billion yuan in 2024, followed by a recovery to 0.366 billion yuan in 2025 and 0.419 billion yuan in 2026 [7] - The gross profit margin is expected to be 24.4% in 2024, increasing to 26.6% by 2026 [7]