Investment Rating - The investment rating for the company is "Outperform" (Maintain) [21] Core Views - The company is expected to achieve a revenue of 832 million yuan in 2023, representing a year-on-year growth of 14.78%, and a net profit attributable to shareholders of 84.2 million yuan, which is a 29.86% increase [23] - The growth in revenue and profit is attributed to increased production projects from main customers, growth in after-sales orders, and enhanced development of air conditioning pipes and fuel filler pipes [23] - The company has reduced its profit forecast for 2023-2025 due to the changing trade environment and the sustainability of market demand in the automotive sector [23] - The company is well-positioned to benefit from the increasing penetration of new energy vehicles [23] Financial Summary - The company's projected financials for 2023-2025 are as follows: - Revenue (million yuan): 832 (2023E), 979 (2024E), 1,164 (2025E) - Net profit (million yuan): 84 (2023E), 105 (2024E), 133 (2025E) - EPS (yuan): 0.86 (2023E), 1.07 (2024E), 1.35 (2025E) - P/E ratios: 13.2 (2023E), 10.6 (2024E), 8.4 (2025E) [25]
北交所信息更新：2023年归母净利润预增30%，主机客户的量产项目增加