Tianrun Industry(SZ:002283) Southwest Securities·2024-01-31 16:00Investment Rating - The investment rating for Tianrun Industrial (002283) is "Buy" with a current price of 4.82 yuan and a target price not specified for the next six months [13]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 390 to 450 million yuan in 2023, representing a year-on-year growth of 90.1% to 120.1% [13][14]. - The recovery of the heavy truck industry is a significant factor contributing to the company's profit doubling, supported by downstream demand recovery and scale effects [14]. - The company is actively developing electric steering systems and has established a joint venture with Wandu Suzhou, focusing on the production and development of commercial vehicle steering systems [14][15]. - The company is pursuing four development curves to ensure sustainable growth, including core internal combustion engine components, air suspension systems, electric steering systems, and high-tech projects [15]. Financial Summary - For 2023, the expected operating revenue is 3,136.33 million yuan, with a growth rate of 31.00% [8]. - The net profit attributable to the parent company is projected to be 203.59 million yuan, with a growth rate of 102.23% [8]. - Earnings per share (EPS) for 2023 is estimated at 0.18 yuan, with a price-to-earnings (PE) ratio of 27 [8]. - The return on equity (ROE) is expected to be 6.80% in 2023, increasing to 10.36% by 2025 [8].