营收保持高增，海外成长可期

Stock Data - Total Shares Outstanding / Float (billion shares): 5.55 / 5.55 [1] - Total Market Cap / Float (billion RMB): 727.72 / 727.72 [1] - 12-Month High / Low Price (RMB): 179.5 / 76.44 [1] Company Performance - Q1 2024 Revenue: 5.648 billion RMB, up 41.78% YoY [2] - Q1 2024 Net Profit Attributable to Parent Company: 385 million RMB, up 16.41% YoY [2] - Q1 2024 Non-GAAP Net Profit: 371 million RMB, up 27.23% YoY [2] - Q1 2024 Non-GAAP Net Profit Margin: 6.56%, down 0.75pct YoY [2] - Q1 2024 Sales / Management / R&D / Financial Expense Ratios: 1.28% / 1.78% / 9.26% / 0.64%, with changes of -0.17pct / -0.58pct / -0.83pct / +0.43% YoY [2] Overseas Expansion - Significant breakthroughs in Europe, Southeast Asia, India, and Japan in 2023 [2] - New R&D center established in Yokohama and new factory built in Mexico [2] - Plans to establish a new factory in Europe [2] - Continued focus on expanding in Japan, Europe, the US, Southeast Asia, and South Korea [2] Financial Projections - 2024-2026 Revenue Projections: 29.631 billion RMB, 37.293 billion RMB, 47.023 billion RMB, with growth rates of 35.25%, 25.86%, and 26.09% respectively [2][3] - 2024-2026 Net Profit Attributable to Parent Company Projections: 2.029 billion RMB, 2.625 billion RMB, 3.313 billion RMB, with growth rates of 31.17%, 29.40%, and 26.19% respectively [2][3] - 2024-2026 PE Ratios: 34x, 27x, 21x [2][3] Investment Rating - Maintained "Buy" rating due to strong order book, intelligent product matrix, and accelerated international expansion [2] Financial Metrics - 2024-2026 Gross Margin Projections: 20.14%, 19.81%, 19.46% [4] - 2024-2026 Net Profit Margin Projections: 6.85%, 7.04%, 7.05% [4] - 2024-2026 ROE Projections: 20.37%, 20.90%, 20.90% [4] - 2024-2026 EPS Projections: 3.66 RMB, 4.73 RMB, 5.97 RMB [4]