Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for future performance [32]. Core Views - The company is expected to benefit from steady growth in demand for automotive-grade pressure sensors, temperature sensors, and oxygen sensors, driven by the automotive industry's recovery and domestic substitution trends [33]. - The company’s revenue is projected to grow significantly, with total revenues expected to reach CNY 988 million, CNY 1,297 million, and CNY 1,624 million for the years 2024 to 2026, representing year-on-year growth rates of 32.29%, 31.32%, and 25.22% respectively [12][33]. - Corresponding net profits are forecasted to be CNY 103 million, CNY 128 million, and CNY 160 million for the same period, with growth rates of 28.31%, 25.19%, and 24.93% [33]. Financial Data and Valuation - The company’s total revenue for 2023 was CNY 747 million, a year-on-year increase of 19.36%, while the net profit was CNY 80 million, a decrease of 10.55% [32]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are CNY 1.35, CNY 1.70, and CNY 2.12, with corresponding price-to-earnings (P/E) ratios of 38.8x, 31.0x, and 24.8x based on the closing price as of April 22 [33]. - The company’s gross margin is expected to stabilize around 30% over the forecast period, with specific margins of 31.1%, 30.7%, and 30.6% for 2024, 2025, and 2026 respectively [28][33]. Product Segmentation - Revenue from temperature sensors and thermistors is expected to grow to CNY 450 million, CNY 554 million, and CNY 659 million from 2024 to 2026, with growth rates of 21.93%, 22.94%, and 18.95% [18]. - Pressure sensors are projected to generate revenues of CNY 504 million, CNY 703 million, and CNY 920 million for the same years, with growth rates of 42.43%, 39.46%, and 30.86% [29]. - Revenue from oxygen sensors and other products is expected to reach CNY 33 million, CNY 40 million, and CNY 45 million, with growth rates of 42.72%, 21.40%, and 12.87% [38].
汽车客户及项目定点稳步拓展，募投项目竣工有望支撑业绩增长