Investment Rating - The report assigns a rating of "Accumulate" with a downward adjustment [5] Core Viewpoints - The company is a one-stop precision component supplier for solar energy, security, consumer electronics, and automotive sectors, with significant growth in solar energy, energy storage, and new energy vehicle businesses in 2023 [1][3] - The company plans to establish an aluminum extrusion production base in Mexico to expand its overseas market and reduce production costs [2] - The solar energy business is the main revenue driver, with a projected 30% growth in 2024 [1][4] Financial Performance - Total revenue for Q1-Q3 2023 reached 3.141 billion, a year-on-year increase of 50.98%, with a net profit of 292 million, up 32.45% [1] - The gross margin for Q1-Q3 2023 was 19.94%, a decrease of 0.69 percentage points year-on-year, while the net profit margin was 9.28%, down 1.30 percentage points [1] - Revenue projections for 2023 and 2024 have been adjusted to 4.448 billion and 6.017 billion respectively, with net profit estimates of 421.68 million and 567.06 million [4] Business Segments - The solar energy segment generated 1.77 billion in revenue in 2022, accounting for 54.9% of total revenue, with a gross margin of 21.7% [1][3] - The automotive segment, including clients like BYD and CATL, generated 800 million in revenue in 2022, representing 24.7% of total revenue, with over 80% growth in the first three quarters of 2023 [3] - The security segment had a revenue of 365 million in 2022, accounting for 11.32% of total revenue, while the consumer electronics segment generated 234 million, representing 7.28% [3] Profitability Forecast - The company’s revenue forecast for 2023-2024 has been revised down to 4.448 billion and 6.017 billion, with net profit estimates adjusted to 421.68 million and 567.06 million [4] - The projected P/E ratios for 2023-2025 are 16, 12, and 9 respectively [4]
光储车一站式精密结构件供应商，墨西哥建厂拓展海外市场