Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [9]. Core Insights - The company's main business in brake systems, including wheel hub bearing units, is expected to continue stable growth in Q1 2024, with a significant market ceiling. The global automotive wheel hub unit aftermarket was approximately 53.88 billion yuan in 2021, with the company's market share being less than 2%. The company has established strong connections with downstream customers and is working on enhancing local service capabilities in the North American market, which is expected to improve penetration rates [1]. - The company reported a significant increase in net profit for Q1 2024, achieving a net profit of 47 million yuan, a year-on-year growth of 101.38%. The gross profit margin for Q1 2024 was 33.5%, up 1.4 percentage points from the full year of 2023, while the net profit margin reached 28.8%, an increase of 8.5 percentage points from the previous year [11][17]. - The company is actively expanding into the core supply chain of humanoid robots, with the harmonic reducer production and testing requirements being rigorously defined. The company is in the preparatory stage for mass production of harmonic reducers, with small batch orders expected this year [20]. Financial Summary - The company's revenue for 2023 is projected to be 738.1 million yuan, with a year-on-year growth rate of -1.5%. However, revenue is expected to rebound significantly in the following years, reaching 1.1 billion yuan in 2025 and 1.4 billion yuan in 2026, with growth rates of 22.0% and 27.7%, respectively [12]. - The net profit for 2024 is forecasted to be 224.7 million yuan, reflecting a 50% year-on-year increase. The earnings per share (EPS) are expected to rise from 1.36 yuan in 2023 to 2.04 yuan in 2024 [12][18]. - The report has adjusted the company's profit forecast upwards, with net profits expected to be 220 million yuan in 2024, 250 million yuan in 2025, and 290 million yuan in 2026, corresponding to price-to-earnings (PE) ratios of 17, 15, and 13 times, respectively [20].
Q1业绩大超预期，上修公司业绩预测