2024年一季报点评：业绩符合预期，盈利有望持续改善

Investment Rating - The investment rating for the company is "Accumulate" [1][2] - The target price is set at 39.50, with the current price at 34.46 [1][2] Core Views - The company's performance in Q1 2024 met expectations, with profits expected to continue improving [1] - The focus on promoting high-end new products is anticipated to enhance profitability [1] - Revenue is expected to gradually recover following external factors that impacted Q1 performance [1] Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of 4.954 billion, a decrease of 8.97% year-on-year, with a net profit of 483 million, an increase of 1.16% [1] - The gross margin improved to 18.04%, up by 2.22 percentage points, while the net profit margin increased to 9.87%, up by 1.02 percentage points [1] - The company forecasts EPS for 2024-2026 to be 2.67, 3.32, and 3.99 respectively [1] Market Position and Strategy - The company is expected to benefit from the introduction of trade-in subsidies, which may rapidly release demand [1] - The company plans to invest 30 million in expanding production in Jiangsu, which is a major base for electric tricycles [1] - The sales of electric tricycles are projected to reach 430,000 units in 2023, representing a 63% increase [1] Valuation Metrics - The company’s P/E ratio is 15.85 for 2023, expected to decrease to 12.92 in 2024 [2] - The EV/EBITDA ratio is projected to decline from 9.43 in 2023 to 7.29 in 2024 [2] - The dividend yield is expected to increase from 2.5% in 2023 to 3.1% in 2024 [2]