2023年报点评：墨西哥工厂加速向国产供应商转变

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 43.48 [1][10]. Core Insights - The company reported a revenue of 10.572 billion yuan in 2023, representing a year-on-year increase of 52.19%, and a net profit attributable to shareholders of 806 million yuan, up 71.19% year-on-year [3][4]. - The company is transitioning its Mexican factory to domestic suppliers, which is expected to enhance operational efficiency and reduce costs [1]. - The company is expanding its product offerings from interior components to exterior components, which is anticipated to create new growth opportunities [3][4]. - The company has made significant investments in international markets, including the establishment of subsidiaries in Singapore and Slovakia, to further its global presence [3][4]. Financial Performance Summary - In Q4 2023, the company achieved a revenue of 3.253 billion yuan, with a quarter-on-quarter increase of 46.16% and a year-on-year increase of 21.09% [3]. - The company's main business segments, such as dashboard assemblies and door panel assemblies, reported revenues of 6.983 billion yuan and 1.748 billion yuan, respectively, with year-on-year growth rates of 53.13% and 37.08% [3][4]. - The company is expected to achieve revenues of 13.799 billion yuan, 18.112 billion yuan, and 23.125 billion yuan in 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 30.53%, 31.25%, and 27.68% [4][6]. Profitability Metrics - The gross profit margin for the automotive parts industry is reported at 20.55%, with specific margins for various components such as dashboards at 22.02% and bumpers at 31.33% [3]. - The report projects net profit margins to improve, with net profits expected to reach 1.079 billion yuan, 1.569 billion yuan, and 2.177 billion yuan for the years 2024, 2025, and 2026, respectively [4][6]. Market Position and Strategy - The company is positioned as a leading domestic manufacturer of interior components, with a comprehensive product range that is expected to increase the per-vehicle value of its offerings [3][4]. - The internationalization strategy includes significant investments in Mexico, Singapore, and the United States, aimed at establishing the company as a global leader in both interior and exterior automotive components [3][4].