行业复苏促业绩增长，客+品开拓助持续发展

Investment Rating - The report maintains a "Buy" rating for Tianrun Industrial (002283) with a current price of 5.43 CNY and a target price not specified for the next six months [4]. Core Insights - The company achieved a total revenue of 4.01 billion CNY in 2023, representing a year-on-year growth of 27.7%, and a net profit attributable to the parent company of 390.81 million CNY, up 92.0% year-on-year [4][12]. - The recovery of the heavy truck industry has significantly benefited the company, with sales of crankshafts and connecting rods increasing in both volume and price [4][12]. - The company is actively expanding its air suspension business, which has shown a revenue increase of 39.3% year-on-year, contributing to 6.8% of total revenue [4][12]. - Continuous development of new products and customer acquisition is expected to support sustainable growth for the company [4][12]. Financial Performance Summary - Revenue (CNY million): - 2023: 4,006.40 - 2024E: 5,307.80 (32.48% growth) - 2025E: 6,377.02 (20.14% growth) - 2026E: 7,692.28 (20.62% growth) [2][13] - Net Profit (CNY million): - 2023: 390.81 - 2024E: 544.11 (39.23% growth) - 2025E: 666.90 (22.57% growth) - 2026E: 813.56 (21.99% growth) [2][13] - Earnings Per Share (EPS): - 2023: 0.34 - 2024E: 0.48 - 2025E: 0.59 - 2026E: 0.71 [4][12] - Return on Equity (ROE): - 2023: 6.44% - 2024E: 8.37% - 2025E: 9.51% - 2026E: 10.65% [4][12] - Price-to-Earnings (PE) Ratio: - 2023: 15.51 - 2024E: 11.14 - 2025E: 9.09 - 2026E: 7.45 [4][12] Business Segment Performance - Crankshaft Revenue: - 2023: 1,929.85 million CNY - 2024E: 3,071.88 million CNY (59.18% growth) - 2025E: 3,432.30 million CNY (11.73% growth) - 2026E: 3,733.47 million CNY (8.77% growth) [9] - Connecting Rod Revenue: - 2023: 734.27 million CNY - 2024E: 1,251.53 million CNY (70.44% growth) - 2025E: 1,409.21 million CNY (12.60% growth) - 2026E: 1,544.30 million CNY (9.59% growth) [9] - Air Suspension Revenue: - 2023: 196.80 million CNY - 2024E: 590.34 million CNY (199.97% growth) - 2025E: 1,115.53 million CNY (88.96% growth) - 2026E: 1,966.42 million CNY (76.28% growth) [9]