品牌力强者，整装待发再启航

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 26.52 CNY based on a 2024 P/E ratio of 17 times [2][4]. Core Insights - The company is transitioning towards mid-to-high-end supporting businesses, aiming to improve overall return rates amid challenges in the low-end market due to increased competition and raw material price hikes [1][9][21]. - The European base in Serbia is expected to ramp up production soon, which will help the company mitigate the impact of U.S. anti-dumping measures and enhance overseas supply capabilities [1][9][29]. - Domestic sales profitability is anticipated to improve as the company benefits from strong export performance and a recovering domestic market due to policy changes [1][10][21]. Summary by Sections Transition to Mid-to-High-End Products - The company has established itself as the second-largest domestic supplier, focusing on mid-to-high-end products to enhance profitability [1][9]. - The next 2-3 years are critical for this transition, with expected growth from high-end model projects and the Serbian base [1][28]. European Base Development - The Serbian base has faced delays but is now operational, with full production expected in 2024 and 2025 for different product lines [1][9][29]. - The base is projected to contribute approximately 860 million CNY in profits, enhancing the company's international competitiveness [1][9]. Domestic Sales Improvement - In 2022, domestic sales accounted for about 50% of total revenue, significantly higher than peers, but faced challenges due to market demand [1][10]. - Future improvements are expected as domestic supply growth slows and demand recovers from policy changes [1][10][21]. Financial Projections - The company forecasts earnings per share of 0.94 CNY, 1.56 CNY, and 2.03 CNY for 2023, 2024, and 2025 respectively, with significant growth anticipated [2][3]. - Revenue is projected to grow from 17 billion CNY in 2022 to 27.935 billion CNY by 2025, reflecting a recovery in profitability [3]. Market Position and Strategy - The company has successfully entered the supply chains of major global automakers, enhancing its brand strength and market position [1][21]. - The strategy includes focusing on high-end models and reducing reliance on low-margin products, which is expected to yield better returns [1][21].