QI AUTOMOTIVE CO.(837242) 开源证券·2025-01-21 00:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Views - The company is expected to achieve a significant increase in net profit attributable to shareholders in 2024, with a forecasted growth of 45.01% to 55.06%, amounting to approximately 101 million to 108 million yuan [3]. - The growth is attributed to the ongoing global sales strategy, product upgrades, and the stable development of the global automotive aftermarket [3]. - The company has signed sales framework agreements totaling 160 million yuan, indicating strong demand for its products [3][4]. Financial Summary - The company forecasts revenue growth from 558 million yuan in 2023 to 754 million yuan in 2024, representing a year-over-year increase of 35.1% [9]. - The projected net profit for 2024 is 103 million yuan, with a net profit margin of 13.6% [9]. - The earnings per share (EPS) are expected to rise from 1.06 yuan in 2023 to 1.56 yuan in 2024 [9]. - The price-to-earnings (P/E) ratio is projected to decrease from 26.9 in 2023 to 18.2 in 2024, indicating a potentially attractive valuation [9]. Strategic Developments - The company has established a subsidiary in Thailand to enhance its global market presence and mitigate international competition risks [4]. - The investment in the Thai subsidiary is part of a broader strategy to leverage local advantages and improve profitability [4]. - The company has completed a project for developing new automotive non-wear parts, with actual investment slightly exceeding the planned budget [3].