星宇股份更新报告：自主车灯龙头的新一轮升级

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 172.23 CNY, unchanged from the previous rating [4][6]. Core Views - The automotive lighting industry is undergoing a new round of upgrades, transitioning from functional headlights to intelligent headlights, which is expected to drive accelerated growth in the sector [3][23]. - The company is poised to benefit from industry upgrades and a shift in customer structure, with revised EPS forecasts for 2024, 2025, and 2026 set at 5.36, 6.95, and 8.54 CNY respectively [4][18]. Summary by Sections 1. Profit Forecast - The company is projected to achieve revenues of 132.57 billion CNY in 2024, 161.00 billion CNY in 2025, and 193.97 billion CNY in 2026, with growth rates of 29.4%, 21.4%, and 20.5% respectively [17][20]. - The gross margin is expected to improve steadily, reaching 21.5%, 21.8%, and 22.5% in 2024, 2025, and 2026 respectively, driven by higher yields of ADB products and an increased proportion of high-margin products [17][20]. 2. Automotive Lighting Industry - The industry is experiencing a transition from traditional lighting sources to LED, enhancing functionality and paving the way for intelligent upgrades [25][26]. - The penetration rate of LED headlights is rapidly increasing, with over 70% in the global passenger car market and over 90% in the global new energy vehicle market as of 2023 [28]. 3. Customer Structure Upgrade - The company is witnessing a shift in its customer base from traditional joint ventures to new energy vehicle manufacturers, which is expected to drive a new round of growth [4][19]. - The sales volume of new energy vehicle clients is increasing, leading to a recovery in the company's revenue starting from 2023 [4][19].