APALT(SZ:002540) Minsheng Securities·2024-04-24 03:30Investment Rating - The report maintains a "Recommended" rating for the company [1][11]. Core Insights - The company demonstrated resilient performance in Q1 2024 despite a production halt due to an explosion, achieving revenue growth of 14.02% year-on-year and net profit growth of 17.07% year-on-year [11]. - The traditional aluminum product sales are steadily increasing, while the automotive parts business is experiencing rapid growth, contributing significantly to profit [11]. - The company has a high dividend payout ratio of 75% for 2023, with a dividend yield of 5.4%, indicating strong shareholder returns [11]. Financial Performance Summary - In 2023, the company reported total revenue of 71.11 billion yuan, a year-on-year increase of 5.67%, and a net profit attributable to shareholders of 5.65 billion yuan, a decrease of 16.38% [11]. - For Q1 2024, the company achieved revenue of 1.699 billion yuan, a year-on-year increase of 14.02%, and a net profit of 122 million yuan, a year-on-year increase of 17.07% [11]. - The company’s gross profit for 2023 was 10.63 billion yuan, with a gross profit per ton of 3,987 yuan, reflecting a stable performance [11]. Product Structure and Growth - The company sold 266,600 tons of aluminum extrusion and components in 2023, a year-on-year increase of 10.51% [11]. - Revenue from automotive parts reached 413 million yuan, a significant year-on-year increase of 168.79% [11]. - The gross margin for automotive parts was 28.24%, showing a year-on-year increase of 10.62 percentage points [11]. Future Outlook - The company is expected to continue benefiting from capacity expansion in traditional aluminum products and sustained growth in the automotive parts sector [11]. - Forecasted net profits for 2024, 2025, and 2026 are 6.36 billion yuan, 7.53 billion yuan, and 8.71 billion yuan, respectively, with corresponding PE ratios of 12, 10, and 9 [11].