系列点评三：业绩符合预期 空簧定点加速

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 43.18 yuan on April 26, 2024, corresponding to PE ratios of 18, 13, and 10 for the years 2024, 2025, and 2026 respectively [1][6]. Core Insights - The company reported a revenue of 5.9 billion yuan in 2023, a year-on-year increase of 23.4%, and a net profit attributable to shareholders of 0.38 billion yuan, up 76.9% year-on-year. The first quarter of 2024 saw a revenue of 1.48 billion yuan, a 24.9% increase year-on-year, but a 14.9% decrease quarter-on-quarter [1]. - The company's air suspension business has secured new projects, with a cumulative project value exceeding 18 billion yuan, and new orders continuing to grow rapidly. The market share for air suspension reached 20.7% in 2023 [1]. - Traditional businesses such as TPMS and sensors are experiencing steady growth, with TPMS revenue reaching 1.91 billion yuan, a 29.3% increase year-on-year [1]. Summary by Sections Revenue and Profitability - In 2023, the company achieved a total revenue of 5.9 billion yuan, with a growth rate of 23.4%. The automotive OEM&AM market revenue was 5.65 billion yuan, up 28.2% year-on-year. The first quarter of 2024 revenue was 1.48 billion yuan, showing a year-on-year increase of 24.9% [1]. - The net profit attributable to shareholders for 2023 was 0.38 billion yuan, reflecting a 76.9% increase year-on-year. The first quarter of 2024 net profit was 0.07 billion yuan, down 27.2% year-on-year but up 69.8% quarter-on-quarter [1]. Business Segments - The air suspension business has been expanding, with new project values exceeding 18 billion yuan and new orders maintaining high growth rates. The company is expected to further increase its production capacity with the new facility in Hefei [1]. - The TPMS business generated 1.91 billion yuan in revenue, a 29.3% increase year-on-year, while the sensor business has secured projects worth over 6 billion yuan [1]. Financial Projections - The company forecasts revenues of 7.85 billion yuan, 9.65 billion yuan, and 12.42 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 0.51 billion yuan, 0.69 billion yuan, and 0.95 billion yuan for the same years [1][12].