业绩符合预期，汽车皮革盈利能力提升显著

Investment Rating - The report assigns a "Buy" rating for the company, expecting a relative increase of over 15% compared to the benchmark index within the next 6 to 12 months [12]. Core Views - The company has shown significant improvement in profitability, particularly in the automotive leather segment, with a notable increase in gross margin [10]. - The company is expected to continue expanding its market share in emerging sectors, particularly in the automotive leather and collagen raw materials business [10]. - The financial performance for 2023 met expectations, with a reported revenue of 2.7 billion yuan, reflecting a year-on-year growth of 36% [9]. Financial Summary - Revenue Forecast: - 2023: 2,700 million yuan - 2024E: 3,343 million yuan (24% growth) - 2025E: 4,048 million yuan (21% growth) - 2026E: 4,831 million yuan (19% growth) [5][9] - Net Profit Forecast: - 2023: 186 million yuan - 2024E: 263 million yuan (41% growth) - 2025E: 339 million yuan (29% growth) - 2026E: 414 million yuan (22% growth) [5][9] - Earnings Per Share (EPS): - 2023: 0.64 yuan - 2024E: 0.90 yuan - 2025E: 1.16 yuan - 2026E: 1.42 yuan [5][9] - Key Financial Ratios: - Gross Margin: 21.4% in 2023, expected to rise to 22.9% by 2026 - Net Margin: 8.6% in 2023, expected to reach 11.4% by 2026 - Return on Equity (ROE): 7.1% in 2023, projected to increase to 11.0% by 2026 [5][9]. Business Insights - The company is experiencing robust growth in traditional leather products, particularly in automotive interior leather and collagen raw materials, with significant volume increases expected [10]. - The company has successfully optimized its structure and achieved scale effects, leading to improved profitability [10]. - Cash flow has improved significantly, with a year-on-year increase of 122.69% in operating cash flow [10].