2023年年报及2024年一季报点评报告：业绩同比高速增长，汽零业务迎来放量

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [10][18]. Core Views - The company benefits from strong backing by major client Chery, with traditional manufacturing equipment orders continuing to be released, and new lightweight components business experiencing significant growth, leading to high revenue growth [10][18]. - The company is expected to achieve operating revenue of 2.889 billion, 3.625 billion, and 4.296 billion yuan for 2024-2026, with year-on-year growth rates of 54%, 25%, and 19% respectively [10][11]. - The net profit attributable to shareholders is projected to be 322 million, 414 million, and 517 million yuan for the same period, with year-on-year growth rates of 59%, 29%, and 25% respectively [10][11]. Financial Performance Summary - In 2023, the company achieved operating revenue of 1.877 billion yuan, a year-on-year increase of 60.73%, and a net profit of 202 million yuan, up 44.44% year-on-year [18][19]. - For Q1 2024, the company reported operating revenue of 506 million yuan, a year-on-year increase of 31.68%, and a net profit of 76 million yuan, up 76.75% year-on-year [18][19]. - The gross margin for Q1 2024 was 23.73%, and the net margin was 16.25%, reflecting improvements in profitability [19]. Business Segment Performance - The professional equipment manufacturing segment saw a revenue increase of 36.30% in 2023, driven by a significant rise in domestic order deliveries [18]. - The automotive parts and components manufacturing segment experienced a remarkable growth of 1897.48% year-on-year in 2023, with substantial increases in production and sales volumes [18]. Client and Market Dynamics - The company has focused its domestic market orders on leading brands and high-potential clients, including new clients such as Rolls-Royce, Volvo Europe, and BMW Brilliance [19][21]. - The collaboration with Chery has led to the development of integrated die-casting products for four models, with two models expected to begin production in Q4 2023 and the remaining in 2024 [21].