Investment Rating - The report maintains an "Accumulate" rating for the company [10][12]. Core Views - The company is expected to achieve a revenue of 698 million yuan in 2023, representing a 19% year-on-year increase, and a net profit attributable to shareholders of 86.54 million yuan, reflecting a 42% increase [1][3]. - The growth in profit is attributed to the low profit base from 2022 and the continued demand from the electric vehicle industry, leading to an increase in product orders [1][2]. - The company is well-positioned to benefit from its ongoing partnership with T Company, a leading player in the global electric vehicle market, which is expected to drive further growth in the company's product offerings [2][3]. Financial Summary - Revenue and profit projections for 2023-2025 are as follows: - 2023: Revenue of 698 million yuan, net profit of 87 million yuan, EPS of 0.86 yuan, P/E ratio of 17.2x - 2024: Revenue of 969 million yuan, net profit of 119 million yuan, EPS of 1.19 yuan, P/E ratio of 12.6x - 2025: Revenue of 1.356 billion yuan, net profit of 164 million yuan, EPS of 1.64 yuan, P/E ratio of 9.1x [1][3]. - The company’s gross margin is projected to improve from 25.9% in 2022 to 27.2% in 2025, indicating enhanced profitability [3][6].
北交所信息更新：2023年归母净利润预增42%，拟定增扩产8500万件强化规模效应