2023年年报及2024年一季报点评：多产品矩阵发力，海外渠道扩张

Investment Rating - The investment rating for the company is "Buy" [12][21]. Core Insights - The company successfully raised a net amount of 1.865 billion yuan through its IPO in March 2023, which will support the development of new product lines and market expansion [10]. - The company has launched new projects including the production of 40,000 large-displacement special vehicles and 30,000 smart electric low-speed vehicles, along with establishing a marketing network and a production base in Vietnam [10]. - In 2023, the company's revenue reached 2.144 billion yuan, a year-on-year increase of 21.44%, and the net profit attributable to the parent company was 280 million yuan, up 36.09% [10][21]. - For Q1 2024, the company reported a revenue of 520 million yuan, representing a 49.06% year-on-year growth, with a net profit of 51 million yuan, up 45.89% [10][21]. - The company has increased its market share in the high-end consumer market, with its self-owned brand sales accounting for 62.85% in 2023, an increase from 2022 [11]. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are 3.017 billion yuan, 3.699 billion yuan, and 4.329 billion yuan respectively, with growth rates of 41%, 23%, and 17% [12][23]. - The net profit attributable to the parent company is projected to be 404 million yuan in 2024, 496 million yuan in 2025, and 593 million yuan in 2026, with growth rates of 44%, 23%, and 20% respectively [12][23]. - The diluted EPS is expected to be 3.69 yuan in 2024, 4.53 yuan in 2025, and 5.42 yuan in 2026 [12][23].