卡倍亿：23年业绩表现稳健，盈利有所提升

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 200 million yuan, 250 million yuan, and 300 million yuan for the years 2024 to 2026, representing year-on-year growth rates of 21.7%, 23.5%, and 20.5% respectively, with corresponding P/E ratios of 19, 15, and 13 [1] - The company reported a revenue of 3.452 billion yuan in 2023, a year-on-year increase of 17.1%, and a net profit attributable to shareholders of 170 million yuan, up 18.5% year-on-year [3] - The company has a strong customer base, expanding from joint venture automakers to new energy vehicle manufacturers, including major clients like BYD, Tesla, and NIO [3] Financial Performance - Total revenue is projected to grow from 3.452 billion yuan in 2023 to 4.276 billion yuan in 2024, reflecting a year-on-year growth rate of 23.9% [2] - The gross profit margin is expected to improve slightly from 12.4% in 2023 to 12.5% in 2024 [2] - The company's ordinary line revenue reached 2.96 billion yuan in 2023, with a year-on-year growth of 18.3%, while the new energy line revenue was 330 million yuan, growing by 0.7% [4] Capacity Expansion - The company is focusing on its core business and enhancing its production capacity, with several projects entering the production phase, including the new energy cable production line and the expansion of its production base [4]