Ningbo Sunrise(002937) 东吴证券·2024-04-28 09:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance over the next six months [14]. Core Insights - The company's Q1 2024 performance exceeded market expectations, achieving a revenue of 500 million yuan, a year-on-year increase of 4%, and a net profit attributable to shareholders of 73 million yuan, representing a 40% year-on-year growth [13]. - The company is actively implementing cost reduction and efficiency improvement strategies, which have contributed to a significant increase in gross margin to 28.85%, up 2.83 percentage points year-on-year [13]. - The employee stock ownership plan aims to enhance employee cohesion and commitment, with performance targets set for net profit or revenue growth of no less than 15% in 2024 compared to 2023 [2]. Financial Summary - The company's total revenue is projected to grow from 2,006 million yuan in 2023 to 2,680 million yuan in 2024, reflecting a growth rate of 33.63% [7]. - The net profit attributable to shareholders is expected to increase from 267 million yuan in 2023 to 372 million yuan in 2024, with a growth rate of 39.24% [7]. - The earnings per share (EPS) is forecasted to rise from 0.90 yuan in 2023 to 1.25 yuan in 2024, with a corresponding price-to-earnings (P/E) ratio of 17.53 [7]. Market Position and Strategy - The company has successfully transitioned into the new energy vehicle sector since late 2020, optimizing its product structure and expanding its customer base [20]. - The new production base in Cixi for automotive electronics has commenced operations, which is expected to enhance production capacity and accelerate performance [20]. - The smart terminal business is gradually expanding into new product lines, benefiting from advancements in AI technology, which presents new growth opportunities [20].