Investment Rating - The report maintains a "Buy" rating for the company, consistent with the previous rating [6][18]. Core Insights - The company achieved a revenue of 1.01 billion yuan in 2023, representing a year-on-year growth of 19%. However, the net profit attributable to the parent company was 151 million yuan, a slight decline of 1.7% year-on-year. The decrease in net profit is attributed to factors such as price reductions at the customer end, increased R&D expenditures, and rising management costs [6][18]. - The gross profit margin for 2023 was 28.1%, down 4.6 percentage points year-on-year, while the net profit margin was 14.9%, down 3.1 percentage points year-on-year [6][18]. - The company is expected to see a 30% increase in production capacity in 2024, driven by new projects and cost control measures [6][18]. Financial Summary - Total revenue projections for 2024-2026 are as follows: 1.23 billion yuan in 2024, 1.45 billion yuan in 2025, and 1.95 billion yuan in 2026, with respective growth rates of 21.6%, 17.9%, and 34.8% [2]. - Net profit forecasts for the same period are 188 million yuan in 2024, 217 million yuan in 2025, and 289 million yuan in 2026, with growth rates of 24.5%, 15.7%, and 33.2% respectively [2][18]. - The report indicates that the company's EPS (Earnings Per Share) is projected to be 1.88 yuan in 2024, 2.17 yuan in 2025, and 2.89 yuan in 2026, with corresponding P/E ratios of 19, 16, and 12 [2][18].
利润率短期承压，新能源业务占比持续提升