香山股份：产品+客户双拓展，2023年业绩稳健增长

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall performance suggests a positive outlook based on revenue and profit growth. Core Insights - The company achieved a revenue of 5.79 billion yuan in 2023, representing a year-on-year increase of 20.2%. The net profit attributable to the parent company was 161 million yuan, up 86.9% year-on-year, while the net profit excluding non-recurring items reached 210 million yuan, a 32.7% increase year-on-year [1][2]. Summary by Relevant Sections Financial Performance - In 2023, the company's automotive parts business generated revenue of 5.07 billion yuan, reflecting a year-on-year growth of 25.1%. The weighing instrument business reported revenue of 670 million yuan, down 5.1% year-on-year. The gross margin for the automotive parts business was 23.29%, an increase of 0.61 percentage points year-on-year, while the gross margin for the weighing instrument business was 33.34%, up 1.78 percentage points year-on-year [8][9]. Business Expansion - The company is actively expanding its product lines and customer base, particularly in the intelligent cockpit and new energy charging and distribution sectors. The intelligent cockpit business generated revenue of 4.13 billion yuan, up 18.0% year-on-year, while the new energy charging and distribution business saw revenue of 940 million yuan, a significant increase of 69.9% year-on-year. The company has also expanded its customer base beyond luxury car brands like Mercedes-Benz and Audi to include domestic and international new energy vehicle clients [2][19]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits for 2024, 2025, and 2026 estimated at 230 million yuan, 310 million yuan, and 410 million yuan, respectively, indicating year-on-year growth rates of 43.1%, 32.2%, and 33.7%. The price-to-earnings (P/E) ratios for these years are forecasted to be 19, 14, and 11 times [9][20].