HASCO(SH:600741) Guotai Junan Securities·2024-03-31 16:00Investment Rating - The investment rating for the company is "Accumulate" with a target price of 22.74 CNY, down from the previous target of 23.94 CNY [1][2]. Core Insights - The company's performance met expectations, with core business expected to accelerate growth, particularly through new electric vehicle projects and global clients like Tesla [1][2]. - The company reported a revenue of 168.59 billion CNY for 2023, a year-on-year increase of 6.5%, and a net profit of 7.21 billion CNY, reflecting a slight increase of 0.2% [1][2]. - The fourth quarter showed a revenue of 47.03 billion CNY, up 4.6% year-on-year, and a net profit of 2.47 billion CNY, up 6.4% year-on-year [1][2]. Financial Summary - Revenue is projected to grow from 168.59 billion CNY in 2023 to 200.09 billion CNY in 2025, with a compound annual growth rate (CAGR) of approximately 9% [2]. - The net profit is expected to increase from 7.21 billion CNY in 2023 to 8.61 billion CNY in 2025, indicating a growth trajectory [2]. - The earnings per share (EPS) forecast for 2024 is 2.50 CNY, with an increase to 3.04 CNY by 2026 [1][2]. Business Development - The company is expanding its customer base beyond SAIC, with 53.8% of revenue coming from non-SAIC vehicle customers, an increase from 49.6% in the previous year [1][2]. - The company has secured contracts with major global clients such as Volkswagen, General Motors, Audi, BMW, and Mercedes-Benz, indicating a strong market position [1][2]. - The electric vehicle component business is expected to continue growing, contributing to revenue increases [1][2].