Shanghai YanPu(SH:605128) Huaan Securities·2024-09-09 23:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has recently secured six new skeleton projects, expected to contribute approximately 2.35 billion RMB in revenue over their lifecycle [2] - The company is entering a new growth phase, with its skeleton business continuing to break through and a more mature platform for seat production [2] - The core growth for the company in 2024 is anticipated to come from the increasing certainty in its seat business, transitioning from seat skeletons to complete seats [2] - The company is expected to achieve net profits of 170 million, 250 million, and 340 million RMB for 2024, 2025, and 2026 respectively, with growth rates of +90%, +44%, and +37% [2] Financial Summary - The company reported a revenue of 1.519 billion RMB in 2023, with a year-on-year growth of 35.4%, and projected revenues of 2.628 billion RMB in 2024 (+73.1%), 3.492 billion RMB in 2025 (+32.9%), and 4.036 billion RMB in 2026 (+15.6%) [3][8] - The net profit attributable to the parent company is forecasted to be 91 million RMB in 2023, 173 million RMB in 2024, 249 million RMB in 2025, and 341 million RMB in 2026 [3][8] - The gross margin is expected to be 16.1% in 2023, 15.5% in 2024, 16.0% in 2025, and 17.0% in 2026 [3][8] - The company’s return on equity (ROE) is projected to increase from 7.6% in 2023 to 17.9% in 2026 [3][8] - The price-to-earnings (P/E) ratio is expected to decrease from 50.92 in 2023 to 9.02 in 2026, indicating improved valuation over time [3][8]