Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 34.47 CNY [1]. Core Insights - The company reported a revenue of 39.1 billion CNY for 2023, reflecting a year-on-year growth of 16.6%, while the net profit was 5 billion CNY, up 11.1% year-on-year [9]. - The company is focusing on integrated die-casting to become a supplier of complete body-in-white components, which is expected to open up a new growth avenue [5]. - The company has established strong relationships with major clients in the new energy vehicle sector, such as Tesla and Li Auto, which contribute significantly to its revenue [5]. Financial Forecast and Valuation - Revenue projections for the company are as follows: 4,611 million CNY in 2024, 5,303 million CNY in 2025, and 6,099 million CNY in 2026, with growth rates of 17%, 15%, and 15% respectively [2]. - Net profit forecasts are 608 million CNY for 2024, 712 million CNY for 2025, and 839 million CNY for 2026, with growth rates of 22%, 17%, and 18% respectively [2]. - The company’s P/E ratios are projected to decrease from 10.4 in 2024 to 7.5 in 2026, indicating an attractive valuation [2]. Business Performance - In Q4 2023, the company achieved a revenue of 11.7 billion CNY, a 21% increase year-on-year, although net profit was slightly impacted by asset impairments [4][9]. - The gross margin for Q4 2023 was reported at 20.57%, reflecting a decrease due to marginal depreciation pressures from new capacity [4]. - The company has been actively expanding its production capacity in integrated die-casting and other advanced manufacturing processes to enhance its competitive edge [10].
Q4收入符合预期减值影响利润，冲压&一体压铸产能加码