QI AUTOMOTIVE CO.(BJ:837242) KAIYUAN SECURITIES·2024-04-26 15:30Investment Rating - The investment rating for the company is "Buy" (maintained) [7]. Core Views - The company has increased its revenue significantly across various product lines, with notable growth in automotive electronic products and remanufactured parts [1][15]. - The company is focusing on the integration of software and hardware products, particularly in the fields of new energy and automotive electronics, which is expected to drive future growth [1][15]. - The company is well-positioned to benefit from trends in the U.S. market towards online sales and the concentration of the domestic automotive parts market [16]. Financial Performance Summary - In 2023, the company achieved a revenue of 558 million yuan, representing a year-on-year increase of 31.93%, and a net profit attributable to the parent company of 69.65 million yuan, up 38.10% [15]. - The gross margin and net margin for 2023 were 29.62% and 12.47%, respectively [15]. - The company forecasts net profits of 85 million yuan, 104 million yuan, and 126 million yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.32 yuan, 1.61 yuan, and 1.95 yuan [15]. Product Revenue Breakdown - In 2023, the revenue from various product lines was as follows: - Brake systems: 72.35 million yuan (+49.56%) - Transmission systems: 177.34 million yuan (+32.98%) - Electronic and electrical systems: 80.21 million yuan (+13.57%) - Steering systems: 87.17 million yuan (+14.49%) - Engine systems: 52.87 million yuan (+3.02%) - Automotive electronics: 34.92 million yuan (+227.90%) - Other products: 53.57 million yuan (+63.21%) [1]. Market Position and Strategy - The company has over 400 qualified suppliers, aiming to build a flexible supply chain system [16]. - The brand "Tuoman" targets the domestic automotive aftermarket, covering over 90% of domestic passenger vehicle models and brands [16]. - The company is committed to sustainable practices in its remanufacturing segment, which is expected to contribute to long-term growth [8].