Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected price increase of over 15% in the next 6-12 months [9][31]. Core Insights - The company achieved a revenue of 1.06 billion RMB in 2023, representing a 40% year-on-year increase, while the net profit attributable to the parent company was 117 million RMB, a decrease of 24% [21]. - The company's Q1 2024 revenue was 270 million RMB, up 16% year-on-year, with a net profit of 27 million RMB [21]. - The company’s product lines are diverse, with over 120 product series and more than 9,000 specifications, contributing to its growth in the new energy vehicle sector [9]. - The company has secured exclusive orders from a leading German automaker for high-voltage products, with projected contract values between 9-12 billion RMB, expected to start production in May 2025 [9]. Summary by Sections Performance Analysis - In 2023, the company's revenue from new energy vehicles was 600 million RMB, a 55% increase; revenue from new energy wind and solar power and energy storage was 350 million RMB, a 24% increase; and industrial power supply and other businesses generated 60 million RMB, a 51% increase [9]. - The revenue from power fuses was 1 billion RMB, a 37% increase, while incentive fuses saw a remarkable growth of 213%, generating 50 million RMB [9]. - The company's overseas revenue reached 60 million RMB, a 102% increase, accounting for 6% of total revenue [9]. Profitability Forecast and Valuation - The report revises the company's net profit forecasts for 2024 and 2025 to 160 million RMB and 210 million RMB, respectively, down from previous estimates of 300 million RMB and 460 million RMB [9]. - The current stock price corresponds to a P/E ratio of 39, 29, and 21 for the years 2024, 2025, and 2026, respectively [9].
毛利率压力渐显，海外市场未来可期