EWPT(SZ:300115) Huaxin Securities·2024-04-09 16:00Investment Rating - The report upgrades the investment rating to "Buy" [6][10] Core Views - The company has seen a significant improvement in profitability, driven by increased production volume and recovery in the consumer electronics and new energy markets [6][10] - The company is benefiting from the recovery in the consumer electronics and new energy sectors, with a projected revenue growth of approximately 30% year-on-year in Q1 2024, reaching a historical high for the first quarter [6][10] - The company has strengthened its technological innovation, achieving major progress in new materials and processes, which has revitalized its consumer electronics business [6][10] Summary by Sections Financial Performance - In 2023, the company reported revenue of 13.72 billion yuan, a decrease of 9.74% year-on-year, but net profit attributable to shareholders increased by 102.23% to 0.86 billion yuan [6][10] - For Q1 2024, the company expects net profit to be between 250 million and 350 million yuan, indicating a turnaround [6][10] Revenue Forecast - The company forecasts revenues of 16.99 billion, 20.53 billion, and 24.07 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.58, 0.74, and 0.91 yuan [10][11] Market Position - The company has become a core supplier for the Wanjie automotive brand, supplying battery box assemblies and Busbar products, and is expanding its overseas production capabilities in Vietnam, Mexico, and Europe [2][10]