Investment Rating - The report upgrades the investment rating to "Buy" based on the expectation of a significant recovery in profitability and growth in the lithium battery structural components business [4][16]. Core Views - The company reported a revenue of 6.019 billion yuan in 2023, a year-on-year increase of 4.63%, but a net profit decline of 58.73% to 43 million yuan. The first quarter of 2024 showed a strong recovery with a revenue of 1.443 billion yuan, up 34.91% year-on-year, and a net profit of 52 million yuan, a significant increase of 232.56% [4]. - The lithium battery structural components business is expected to reach a turning point in profitability, driven by the recovery of major customer orders and improvements in production efficiency [4]. - The company’s mold business benefits from high demand in the home appliance sector, while the motor core business has seen rapid growth, indicating a diversified revenue stream [4]. Summary by Sections Revenue Performance - In 2023, the company achieved a revenue of 6.019 billion yuan, with a growth rate of 4.63%. The revenue for Q4 2023 was 1.743 billion yuan, showing a slight increase of 0.08% year-on-year but a decrease of 7.15% quarter-on-quarter [4][5]. - The revenue forecast for 2024 is projected to reach 8.709 billion yuan, with a growth rate of 44.70% [5]. Profitability Metrics - The net profit for 2023 was 43 million yuan, down 58.73% from the previous year. However, the first quarter of 2024 saw a net profit of 52 million yuan, marking a recovery [4][5]. - The gross margin for 2023 was 11.92%, a decrease of 0.37 percentage points, while the first quarter of 2024 showed an improvement to 12.56% [4]. Business Segments - The lithium battery structural components segment generated revenue of 3.266 billion yuan in 2023, with a growth of 0.28%. The gross margin for this segment was 8.63%, down 0.84 percentage points [4]. - The mold business reported revenue of 282 million yuan in 2023, a slight decline of 0.79%, but with a gross margin of 47.1%, an increase of 2.06 percentage points [4]. - The motor core business achieved revenue of 1.711 billion yuan, a year-on-year increase of 16.91%, with a gross margin of 16.44% [4]. Future Outlook - The company’s net profit forecasts for 2024 and 2025 have been raised to 428 million yuan and 606 million yuan, respectively, reflecting an increase of 49% and 46% [4][5]. - The projected price-to-earnings ratios for 2024, 2025, and 2026 are 16, 11, and 8 times, respectively, indicating a favorable valuation outlook [4][5].
2023年年报及2024年一季报点评：24Q1业绩超预期，锂电结构件困境反转