EWPT(300115) 民生证券·2024-04-09 16:00Investment Rating - The report maintains a "Recommend" rating for the company, citing its recovery in performance and profitability, with an expected PE ratio of 19/17/15 for 2024-2026 [11][19] Core Views - The company's new energy business is steadily growing, with capacity utilization improving as domestic and international production bases gradually ramp up [1] - In Q1 2024, the company achieved a turnaround in net profit, with estimated net profit attributable to the parent company of 250-350 million yuan, driven by the recovery of the consumer electronics and new energy markets [7] - The company's 2023 annual report showed a 102.23% year-on-year increase in net profit attributable to the parent company, reaching 86 million yuan, despite a 9.74% decline in revenue [7] - The company is deeply involved in three major sectors, with consumer electronics showing positive development trends, benefiting from its close collaboration with Apple and the launch of new products like the M3 MacBook Air and Vision Pro [7] Financial Performance and Forecast - The company's revenue is expected to grow from 13,722 million yuan in 2023 to 23,980 million yuan in 2026, with a CAGR of 20.5% [8][24] - Net profit attributable to the parent company is forecasted to increase from 86 million yuan in 2023 to 875 million yuan in 2026, with a significant growth rate of 695.22% in 2024 [8][24] - The company's EBIT is projected to grow from 391 million yuan in 2023 to 1,162 million yuan in 2026, with a CAGR of 31.2% [2][10] - The company's gross margin is expected to remain stable at around 19.6%-20.1% from 2023 to 2026 [10] Business Highlights - The company's new energy business focuses on battery structural components, high-voltage electrical connections, and hydrogen fuel cell bipolar plates, with production bases in China, Vietnam, Mexico, and the US [1] - The company maintains a strong partnership with T client, providing busbars and interior components, with revenue expected to further increase after the overseas base is operational [1] - In the consumer electronics sector, the company is a core supplier for Samsung's AI phone S24 series and is involved in the production of Apple Vision Pro's precision structural components [7] Valuation and Key Metrics - The company's PE ratio is expected to decrease from 149 in 2023 to 15 in 2026, reflecting improved profitability [8] - The PB ratio is forecasted to decline from 2.2 in 2023 to 1.6 in 2026, indicating a more attractive valuation [8] - The company's ROE is projected to increase from 1.48% in 2023 to 10.81% in 2026, driven by higher profitability [13]