系列点评二：经营拐点已至 客户产品双维拓展

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 48.78 CNY per share [2][15]. Core Insights - The company achieved a record high in revenue and net profit for 2023, with revenue of 1.518 billion CNY, up 35.4% year-on-year, and a net profit of 91 million CNY, up 99.3% year-on-year [2][15]. - The company is positioned as a leader in automotive seat frames and is expected to capture market share due to its cost-effectiveness and quick response capabilities [15]. - The company is actively expanding its customer base and product categories, which is anticipated to lead to both volume and price increases, opening up long-term growth potential [15]. Financial Performance Summary - In 2023, the company reported a gross margin of 16.1%, an increase of 3.0 percentage points year-on-year, benefiting from continuous lean production and process improvements [2]. - The company’s R&D expenses reached 40 million CNY in 2023, a year-on-year increase of 4.1%, with a corresponding R&D expense ratio of 3.0% [3]. - The projected revenue for 2024-2026 is 2.482 billion CNY, 3.278 billion CNY, and 4.191 billion CNY, respectively, with net profits of 173 million CNY, 237 million CNY, and 329 million CNY [4][15]. Growth Drivers - The company has increased its production capacity with new projects and a strong order backlog, particularly in the production of seat frames for the Seres M7, which saw a significant sales increase [2][19]. - The company has successfully expanded its business into new areas, including rail container materials, which is expected to enhance future performance [19]. - The company is focusing on technological advancements in lightweight and automated seat components, aiming to improve product quality and market competitiveness [3][19].