HASCO(SH:600741) Soochow Securities·2024-03-31 16:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported its 2023 annual results, which met expectations, with total revenue of 168.6 billion yuan, a year-on-year increase of 6.5%, and a net profit attributable to shareholders of 7.2 billion yuan, a slight increase of 0.15% year-on-year [3][4] - The fourth quarter of 2023 saw a revenue of 47 billion yuan, with a quarter-on-quarter increase of 4.6% and a year-on-year increase of 5.5%. The net profit attributable to shareholders was 2.47 billion yuan, reflecting a quarter-on-quarter increase of 6.4% and a year-on-year increase of 30.2% [3][4] - The company plans to distribute a cash dividend of 7.50 yuan per 10 shares, accounting for 32.78% of the 2023 net profit attributable to shareholders [3] Summary by Sections Financial Performance - The company achieved a gross profit margin of 13.32% in 2023, a decrease of 0.90 percentage points year-on-year. The net profit margin was 4.28%, down 0.27 percentage points year-on-year [4] - The company’s total expenses ratio was 9.70%, a decrease of 0.47 percentage points year-on-year, with a notable reduction in management expenses [4] Customer and Business Structure - The company has diversified its customer base, with the top five customers accounting for 50.31% of sales. Over 53.82% of revenue comes from customers outside SAIC Group, indicating a shift towards a more diversified client structure [3] - The company has seen significant growth in orders from new energy vehicle-related models, with over 65% of new business orders related to this segment [3] Earnings Forecast and Valuation - The report forecasts revenue for 2024 and 2025 at 180.5 billion yuan and 195.8 billion yuan, respectively, with a projected revenue of 204.6 billion yuan in 2026, representing year-on-year growth rates of 7.1%, 8.5%, and 4.5% [4] - The net profit attributable to shareholders is expected to reach 8.64 billion yuan in 2024, 9.43 billion yuan in 2025, and 9.84 billion yuan in 2026, with corresponding year-on-year growth rates of 19.8%, 9.1%, and 4.4% [4]